Showbiz execs Harry Sloan and Jeff Sagansky are seeking entertainment-media acquisitions and have raised about $190 million in an initial public offering via Global Eagle Acquisition Corp.
“Jeff and I are encouraged by the strong demand for our stock, and are excited to embark on the global search for a dynamic business to acquire for Global Eagle,” Sloan said Wednesday in a statement. “We believe that our substantial experience in acquiring and managing media companies, combined with Global Eagle’s flexible public company structure, will facilitate a large and attractive acquisition.”
Global Eagle, which filed for the IPO on Feb. 15, didn’t identify specific target companies in the announcement.
Company said that it had closed the offering, which had been oversubscribed. Global Eagle initially sought to raise $175 million but, due to demand, sold nearly 19 million at $10 per unit, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $11.50 per share. It noted that its IPO is the largest raised by a special-purpose acquisition company based in the U.S. in more than three years.”Global Eagle’s purpose is to take advantage of the substantial deal sourcing, investing and operating expertise of its management team to indentify and acquire media or entertainment businesses with high growth potential in the United States or internationally,” it said Wednesday.
Company is coming into existence with the media-entertainment sector recovering following a recession that began in 2008. Its announcement noted that there’s no limitation on its ability to raise additional funds in connection with its acquisition.
“As a result, Global Eagle may acquire a target whose enterprise value is a significant multiple of the amount of cash it has raised,” the company said.Shares of Global Eagle began trading Friday on the Nasdaq under the ticker symbol EAGLU. Trading has ranged between $9.97 and $10.06.