Reggie Fils-Aimé and United Talent lead $200M gaming and entertainment SPAC

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UTA Acquisition Corp. The US plans to raise $ 200 million in public funds for the Special Purpose Acquisition Company (SPAC), led by former Nintendo CEO Reggie Phils-Aim and other United Talent leaders, the Los Angeles-based Game Dave Agency.

The fund shows how hot the atmosphere is still for gaming-related deals. So far this year, investors have invested $ 71 billion in gaming acquisitions, investments and public payments over the past nine months, according to Drake Star Partners.

SPAC is a way to hire a private company and merge it with a public company, usually to streamline the lengthy process for initial public offering (IPO). Private companies can use SPAC to raise money quickly, and sports companies have taken advantage of this process during the epidemic, which has boosted the values ​​of game companies.

Fils-Aime became famous as Nintendo’s top executive, serving from 2003 to 2019. But since leaving Nintendo, he has kept his relationship with gaming and business close as a protagonist at Cornell University and as a board member of Brunswick Corp. Gamestop (until recently) and Spin Master.

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UTA Acquisition Corp. Will sell 20 million shares at 10 per share. As a “blank check” company, UTA will not know with whom it will merge. But he said his focus is on finding private firms in the gaming, digital media, creative economy, entertainment and technology industries.

While SPAC is active this year, they pose some risks with constantly fluctuating prices in the stock market. Jam City thwarted its plans for SPAC as investors and the company did not turn a blind eye to the overall opportunities. SPAC will be traded under the UTAA symbol.

Fils-Aime will serve as chairman of UTA Acquisitions. Clinton Foy, venture capitalist, co-CEO of UTA and Square Enix executives; Former Google business development manager Jamie Sharp will be co-CEO; The head of video games at the United Talent Agency will be Afir Lupu President; And Chris Jefferies of the United Talent Agency will be the chief financial officer.

Fils-Aime helped bring the Nintendo DS, Wii, Nintendo 3DS, Wii U and Nintendo Switch to the global market. In October 2019, he was inducted into the International Video Game Hall of Fame. But apparently he was not yet ready to retire.

And Kathy Wrabeck is a director at UTA Acquisition Corp. She is the Chief Strategy Officer at The Beachbody Company, where she is responsible for prioritizing and implementing strategic growth initiatives, human capital allocation and M&A efforts and integration.

It will be interesting to see which private company they consider public.

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