Wildgen Assisted Modern Media Acquisition Corp. to Enter into Merger Agreement with Akazoo
On 24 January 2019, Modern Media Acquisition Corp. (NASDAQ:MMDM) (“MMDM”) announced that it has entered into a definitive agreement to combine with Akazoo Ltd, a global digital music streaming platform based in the United Kingdom, in a transaction that would value the combined company at approximately $469 million. Under the definitive agreement, MMDM and Akazoo will combine under a new holding company, domiciled in Luxembourg, which intends to list on the Nasdaq Stock Market under the symbol “SONG” following completion of the transaction.
In its ninth year of operation, Akazoo is a leading music streaming service specializing in emerging markets with 4.3 million premium subscribers in 25 countries throughout Europe, South East Asia, South America and Africa. MMDM is a special purpose acquisition company formed for the purpose of effecting a merger, acquisition or similar business combination sponsored by Modern Media, LLC, an entity jointly owned by Lew Dickey, MMDM’s Chairman and Chief Executive Officer, and an affiliate of Macquarie Capital.
The combined company will continue to be led by Akazoo’s experienced management team under the leadership of Apostolos N. Zervos, Akazoo’s Founder and Chief Executive Officer. Lew Dickey will serve as Chairman of the combined company.
Assuming all conditions are satisfied or waived, the transaction is expected to close in the first half of 2019.
Macquarie Capital acted as lead financial advisor, and Wildgen (David Maria, Partner and Jeremie Ferrian, Senior Associate), Jones Day and Greenberg Traurig LLP served as legal counsel, to MMDM.
Loeb & Loeb LLP and Phanar Legal served as legal counsel to Akazoo.