Jefferies Serves as Placement Agent in Topps’ $1.3 Billion Business Combination with Mudrick Capital SPAC

April 07, 2021

New York and Los Angeles – Paul Hastings LLP, a leading global law firm, announced today that it advised Jefferies as lead placement agent for a PIPE transaction for the business combination between The Topps Company, Inc. and Mudrick Capital Acquisition Corp. II (MUDS) that values Topps at $1.3 billion.

Former Disney CEO Michael Eisner will remain chairman of Topps’ board of directors, and Michael Brandstaedter will continue to lead Topps as president and CEO. The board of directors is expected to be joined by Jill Ellis, coach of the U.S. Women’s 2013 and 2019 FIFA World Cup champions, Maria Seferian, general counsel of Hillspire LLC, Marc Lasry, co-owner of the Milwaukee Bucks and co-founder of Avenue Capital Group, and Andy Redman, president of The Tornante Company.

The pro forma implied equity value of the combined company is $1.3 billion at the $10.15 per share PIPE price, assuming no redemptions by the public stockholders of MUDS. Upon closing of the transaction, which is expected in late second or early third quarter, the combined company will be named Topps and remain listed on NASDAQ under the new ticker symbol “TOPP.”

The Paul Hastings team that advised Jefferies was led by partners Frank Lopez and Jonathan Ko, and included of counsel James Shea, and associate Mia Seder.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.

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