Simpson Thacher represented Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC in connection with the initial public offering by Iconic Sports Acquisition Corp. (“Iconic”) of 34,500,000 of its units, inclusive of the underwriters’ full exercise of its option to purchase additional units, which raised $345 million in gross proceeds. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant of Iconic, with each whole warrant exercisable for one Class A ordinary share. The initial public offering closed on October 26, 2021.
Iconic is a special purpose acquisition company formed for the purpose of entering into a business combination with one or more businesses. While it may pursue a business combination in any business industry or sector, Iconic expects to capitalize on the ability of its sponsor group and management team to identify, acquire and accelerate a business in the global sports industry or an adjacent sector including data and analytics, media and technology. In doing so, Iconic intends to focus its search on iconic businesses, including sports franchises, which will complement its differentiated expertise, benefit from its strategic and hands-on operational leadership and where it believes there are opportunities for attractive risk-adjusted returns and to build a platform for future investments.
The Simpson Thacher team for this transaction included Brian E. Rosenzweig, Mark Brod, Richie Ragusa, Margaret Selbe and David Socol de la Osa (Capital Markets); Benjamin Rippeon, Meredith Jones and Gal Shemer (Tax); Yash Rupal and Caleb McConnell (U.K. Tax); and Jennie Getsin (FINRA). Summer Associate Alexandra Speiss also provided valuable assistance.