RBAC - Red Sox owner in talks to go public via RedBall SPAC; RBAC +27.5%
Boston Red Sox owner John Henry is in discussions to take his sports holdings public - via an $8B blank-check combination, the WSJ reports. The deal would merge the MLB team's owner, Fenway Sports Group LLC - also owner of English soccer's Liverpool Football Club - with RedBall Acquisition Corp. (RBAC), the special purpose acquisition company launched by RedBird Capital Partners and Oakland A's exec Billy Beane.[[RBAC]] is up 27.5% after hours. RedBall completed a $575M initial public offering in August with an eye toward sports and sports media/analytics businesses. The SPAC plans to raise an additional $1B to buy a stake of less than 25% in Fenway Sports Group and value it at $8B including debt, according to the report.
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Red Sox owner in talks to go public via RedBall SPAC; RBAC +27.5%