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.