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Business case

Assisting a special-purpose acquisition company

Sub-industry: Production / gaming


Our client, a special-purpose acquisition company (SPAC), was considering the acquisition of a large-cap holding company that owned (i) a TV show and series producer and distributor and (ii) an online betting company.

Key Takeaway

Aside from the usual trends of production and the explanation of the technical and regulated betting industry, we had to cope with both BSDD topics for the SPAC (identify key issues that would harm the already defined equity values) and SSDD aspects as the SPAC was to find and raise money from external investors. We were also involved in a general analysis of the quality of earnings and quality of debt adjustments for the two subsidiary industries, as the SPAC wanted to avoid mistreatment of EBITDA and net financial debt presentations once listed.

Accuracy Role

During our three-week engagement, we performed the buy-side due diligence on the two subsidiary entities.