Global law firm White & Case LLP has advised Flying Eagle Acquisition Corp. (NYSE: FEAC) (Flying Eagle), a publicly traded special-purpose acquisition company (SPAC) with approximately US$690 million of cash in its trust account, on an agreement to combine with Skillz Inc., (Skillz), a leading mobile games platform, that will result in Skillz becoming a publicly listed company. The transaction implies an equity valuation for Skillz of US$3.5 billion, or 6.3x projected 2022 revenue.
This is the sixth SPAC sponsored by the Eagle Equity Partners team, led by Harry E. Sloan, Jeff Sagansky and Eli Baker, for which the White & Case SPAC team has advised on both its initial public offering and business combination transaction.
The Boards of Directors of each of Flying Eagle and Skillz have unanimously approved the transaction. The transaction will require the approval of the stockholders of Flying Eagle, and is subject to other customary closing conditions, including the effectiveness of a Registration Statement to be filed with the U.S. Securities Exchange Commission. The transaction is expected to close in the Fall of 2020.
The White & Case team that advised on the transaction was led by partners Joel Rubinstein and Michael Deyong and included partners Jonathan Rochwarger and Elliott Smith (Capital Markets), all in New York; and associates Neeta Sahadev and Sarah Phillips in Silicon Valley; and Elizabeth Huh (M&A), Sarah Ross, Taryn Zucker, Paul Steinig and Jesany Michel (Capital Markets), all in New York.