Redbox to Go Public via Merger With SPAC Seaport Global

Paul, Weiss is advising Redbox, a leading multiplatform destination for new-release movies and entertainment, in its combination with Seaport Global Acquisition Corp., a special purpose acquisition company. As a result of the transaction, Redbox will become a publicly traded company valued at $693 million. All existing shareholders, including funds managed by affiliates of Apollo Global Management, Inc., will roll over 100% of their equity in Redbox. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.

The transaction will be funded by a combination of Seaport's cash held in trust; the full equity rollover from existing Redbox shareholders; and proceeds from a fully committed PIPE (private investment in public equity) of $50 million led by Ophir Asset Management. Further support will be provided by strategic investors, including Lionsgate, Legendary Entertainment, Screenvision and Hollywood film producer Basil Iwanyk.

The Paul, Weiss team includes M&A partners Taurie Zeitzer and Justin Rosenberg; financing partners Gregory Ezring, Danielle Penhall and Mark Wlazlo; securities partner Brian Janson; tax partners Lindsay Parks and Brad Okun; intellectual property partner Charles Googe; executive compensation partner Lawrence Witdorchic; real estate partner Peter Fisch; and litigation counsel Steven Herzog.

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