In this March 6, 2007 file photo, Topps baseball cards are seen in Boston. Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing. Topps Co. said Tuesday, April 6, 2021, that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. (AP Photo/Chitose Suzuki, file)
By Michelle Chapman
Sports trading card company Topps is combining with a special purposes acquisition company in a deal valued at $1.3 billion and seeking a public listing.
Topps Co. said Tuesday that it will join with Mudrick Capital Acquisition Corp., which will make a $250 million investment. Other investors include GAMCO Investors and Wells Capital Management.
Former Disney CEO Michael Eisner will continue as Topps chairman. His firm, The Tornante Co., which bought Topps in 2007, will roll all of its equity into the new public company, which will keep the name Topps.
The combined company will be led by Michael Brandstaedter, president and CEO of Topps.
The news follows a spate of similar SPAC deals, including WeWork less than two weeks ago.
Topps, which sells trading cards, stickers and albums and trading card games, has numerous sports partners, including Major League Baseball, Major League Soccer, UEFA, Bundesliga, the National Hockey League and Formula 1. It also has deals with Disney and World Wresting Entertainment. The 80-year-old company had sales of $567 million last year.
The deal is expected to close late in the second or early in the third quarter, subject to approval from Mudrick shareholders. It will remain listed on the Nasdaq but will have the new ticker symbol, “TOPP."
Wearable robotics are moving beyond sci-fi. Dephy CEO Luke Mooney explains how its smart ankle exoskeleton is changing mobility, recovery and everyday movement.
Voice AI is moving into cars, restaurants and customer service. SoundHound CEO Keyvan Mohajer explains the company’s growth and the future of voice-powered AI.
Americans are still spending, but rising anxiety over jobs, AI, housing and tariffs tells a different story. Kearney Consumer Institute’s Katie Thomas explains.
Disney is back in focus after Q3 earnings. Investors are watching streaming profits, theme parks and ESPN as the entertainment giant looks for its next catalyst
Healthcare policy is shifting fast, raising questions about drug prices, Medicare and access. Leap Health CEO Hani Elias explains what patients need to know.
The U.S. job market is cooling as hiring slows and employers turn cautious. LinkedIn’s Kory Kantenga breaks down jobs, wages, spending and AI’s impact.
