MUDS - SPAC Mudrick Capital inks deal to take jewelry retailer Blue Nile public

SPAC Mudrick Capital Acquisition II (NASDAQ:MUDS) on Friday announced a deal to take jewelry retailer Blue Nile public. The transaction implies a pro forma enterprise value for Blue Nile of ~$683M. The deal is anticipated to generate ~$450M of capital before expenses, assuming no redemptions by MUDS stockholders. This includes $50M of new preferred equity provided by MUDS and $80M of committed PIPE capital from existing sponsors and MUDS. ~$50M of the committed PIPE capital has been pre-funded. Blue Nile shareholders will roll over their existing equity, retaining 39% of the combined firm's pro forma equity. Pro forma implied equity value of the combined firm is $873M at the $10.15/share PIPE price. The combined company will be named Blue Nile and will trade on Nasdaq. The firm will be led by Blue Nile CEO Sean Kell and its current management. The deal is expected to close early in Q4. MUDS last year had

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SPAC Mudrick Capital inks deal to take jewelry retailer Blue Nile public