SouthPeak going public

Monster Madness publisher to join ranks of publicly held companies, total price tag pegged at roughly $31 million.

Comments

RELATED
Two Worlds
Follow
Monster Madness
Follow
Two Worlds II
Follow

The publisher of Two Worlds is about to enter a new world of its own. SouthPeak Interactive has announced plans to combine with Global Services Partners Acquisition Corporation to form a new, publicly held company.

The new company will be called SouthPeak Interactive Corporation, and will retain core management. Chairman Terry Phillips will take the same role with the new company, while president and CEO Melanie Mroz will be the new corporation's CEO.

GSPAC valued the publisher at $31 million, to be paid at closing with 5 million shares of its own common stock (valued at over $5 per share) and $5 million in cash. For its current fiscal year (which ends June 30), SouthPeak expects to bring in nearly $30 million in revenues, with nearly $4.5 million in earnings before taxes. The deal is expected to close in April.

Did you enjoy this article?

  • Join the conversation
    There are no comments about this story