Jam City Inc., a mobile entertainment company with a focus on mobile games, and DPCM Capital Inc., a publicly traded special purpose acquisition company led by Emil Michael, have entered into a definitive merger agreement that will result in Jam City becoming a publicly listed company. The transaction values the combined company at an enterprise value of $1.2 billion.
Upon closing, the combined company will operate as Jam City Holdings, Inc. and its Class A common stock is expected to be listed on the New York Stock Exchange under the ticker symbol “JAM.” Netmarble Corp., Jam City’s strategic investor, will own a significant portion of the combined company.
“We have built and are scaling one of the world’s leading mobile entertainment platforms by bringing art – including storylines, characters and game mechanics – together with a powerful technology platform that leverages data to drive user acquisition and live game operations,” said Chris DeWolfe, chairman and chief executive officer of Jam City. “We expect going public will provide us with a source of capital to accelerate our growth and advance our strategic priorities, while acquiring and teaming up with Ludia adds compelling new intellectual property and gaming genres to our catalog. Together, we believe these transactions will advance our vision to create premium, social mobile games that are an enduring part of our players’ lives.”
“We believe Jam City is at the forefront of mobile gaming, and its unique Games-as-a-Service model has proven to sustain player retention and drive monetization,” said Michael, chairman and CEO of DPCM Capital. “We are proud to partner with Chris, Josh and the team in their efforts to continue Jam City’s growth and further define the company as a category-defining entertainment brand.”
The Raine Group is acting as lead financial advisor and Fenwick & West LLP is acting as legal advisor to Jam City, and Paul Hastings LLP is acting as legal advisor to Netmarble. UBS Securities LLC is acting as lead financial and capital markets advisor and Greenberg Traurig LLP is acting as legal advisor to DPCM Capital. UBS and Raine are acting as placement agents on the private placement.