Horizon (HZAC) & Vivid Seats Bring Back SPAC M&A

Todd Boehly's Horizon Acquisition (HZAC) strikes a deal with Vivid Seats, and Fifth Wall (FWAA) is rumored to take SmartRent Public
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M&A Returns

After there had been just one deal so far this week (DBDR) and just eight over the last two weeks, Todd Boehly's Horizon Acquisition Corp (HZAC) this morning announced a $2.1B EV deal to take ticket marketplace company Vivid Seats public. This is a deal that has been rumored for several weeks. 

It's certainly a re-opening trade as events are coming back, and the price values Vivid at 4.5x 2022E Revenue. The deal is supported by a $225M PIPE from Eldridge (Boehly's firm and the SPAC sponsor) and Fidelity -- rumors around wall street have pointed to difficulty in obtaining PIPE financing as a part of the SPAC M&A slowdown.

In addition, the WSJ is reporting that Fifth Wall Acquisition Corp (FWAA), with $345M in its trust, is looking to bring PropTech company SmartRent public at a $2.2B valuation. The deal is reported to include a $155M PIPE.

** For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service. **

SPAC Market Evolves

Yesterday we wrote how SPACs could use some good news. Both HZAC and FWAA are trending up in the premarket on their news, if good deals start coming back it could help turn the tide. 

In addition, as the frenzy has died down, patience and longer deal times could be a positive development in the SPAC market to bring healthier transactions. The SPAC party is winding down, according to Thomas Farley, NYSE veteran and SPAC operator himself -- quality SPACS/sponsors will be the survivors:

Recent Merger Announcements

Apr 19 | 1.4% ~ $ 10.14 | DBDR - Roman DBDR Tech Acquisition Corp.
Apr 15 | -1.2% ~ $ 9.88 | CHFW - Consonance-HFW Acquisition Corp
Apr 15 | -.7% ~ $ 9.93 | DEH - D8 Holdings Corp.
Apr 14 | 13.0% ~ $ 11.30 | BCTG - BCTG Acquisition Corp.
Apr 14 | -.8% ~ $ 9.92 | ROCC - Roth CH Acquisition II Co.
Apr 13 | 27.2% ~ $ 12.72 | AGC - ALTIMETER GROWTH CORP
Apr 08 | -.3% ~ $ 9.97 | TWCT - TWC Tech Holdings II Corp
Apr 08 | 44.6% ~ $ 14.46 | RICE - Rice Acquisition Corp.
Apr 07 | -.7% ~ $ 9.93 | MCAD - Mountain Crest Acquisition Corp. II
Apr 07 | -1.6% ~ $ 9.84 | CAHC - CA Healthcare Acquisition Corp.

Yesterday's Biggest Decliners

-2.90% ~ $ 9.71 | WARR - Warrior Technologies Acquisition Company (Pre-Deal)
-2.43% ~ $ 9.86 | ANAC - Arctos NorthStar Acquisition Corp. (Pre-Deal)
-2.42% ~ $ 11.67 | ARYA - Arya Sciences Acquisition Corp III (Announced)
-1.99% ~ $ 9.85 | FACT - Freedom Acquisition I Corp (Pre-Deal)
-1.76% ~ $ 10.14 | KCAC - Kensington Capital Acquisition Corp. II (Pre-Deal)
-1.73% ~ $ 9.79 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
-1.52% ~ $ 9.75 | NRAC - Noble Rock Acquisition Corporation (Pre-Deal)
-1.31% ~ $ 9.77 | COLI - Colicity Inc (Pre-Deal)
-1.31% ~ $ 9.80 | FPAC - Far Peak Acquisition Corp (Pre-Deal)
-1.31% ~ $ 9.82 | MTAC - MedTech Acquisition Corporation (Pre-Deal)

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For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.