Former MGM CEO Jim Murren is leading a second special purpose acquisition company (SPAC) targeting the online gambling industry.
Acies Acquisition II filed its S-1 with the SEC on Monday. According to the initial filing, Murren will act as chairman. Members of his first SPAC Acies Acquisition I will fill out the other key positions.
That includes Eilers & Krejcik partner Chris Grove as executive VP of acquisitions and Zachary Leonsis on the board of directors.
Acies II aims to raise $250 million.
Was Acies I successful?
The group’s first SPAC ultimately acquired social casino company PlayStudios at a $1.1 billion valuation.
That investment vehicle ($ACACU) has seen its price relatively unchanged since the acquisition was announced. It is trading at $11 per share as of Wednesday morning.
Acies II will begin trading on the Nasdaq in mid-April under the ticker $ATWO.
What is Acies II looking for?
According to the S-1, it is targeting businesses in:
- Sports betting
- Casino gaming
- Live events
- Destination hospitality
“We will pursue both consumer-facing operators as well as the business-to-business platforms that support them,” the filing said.
The SPAC said sports betting and iGaming would be a $40 billion industry in the US. That’s despite the larger industry being almost non-existent three years ago.
“This growth and technological evolution has created a ready need for public equity capital to fund organic growth initiatives and strategically sound, platform-building M&A,” the S-1 said. “Our team is well positioned to partner with a management team to develop, analyze and execute on this next wave of growth and consolidation.”
SPAC attack on online gambling
Acies II is the latest in a line of SPACs investing in US sports betting and online gambling.
More recently, renowned gaming investor Jason Ader also has a SPAC looking for a target.
Editor’s note: Chris Grove is one of the original founders of Legal Sports Report.