Market Chatter: 7GC Holdings Reportedly to Take Vice Media Public in $3 Billion SPAC Deal
03:33 PM EDT, 05/10/2021 (MT Newswires) -- 7GC Holdings (VII), a special-purpose acquisition company led by tech investor Jack Leeney, is in discussion to combine with Vice Media, a digital media company, Bloomberg reported on Monday, citing unidentified sources.
7GC will hold 25% of the new company, joined by institutional investors who agree to fund the deal following a roadshow, the business news service reported, citing those sources, who added that Vice's current investors, including private equity firm TPG and Walt Disney (DIS), would own 75% of the company after the merger.
Vice, which begins courting new investors this week, is looking for a valuation of $3 billion, including debt, Bloomberg reported, citing the sources. That's a drop from four years ago, when Vice received a $450 million investment from TPG that valued the company at $5.7 billion, according to the report.
Vice's proposed valuation was reported earlier on Monday by the Wall Street Journal.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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