See the source image

The special-purpose acquisition company backed by Martin Blessing, a former chief executive officer of Commerzbank AG, will merge with Dutch digital entertainment company Azerion Holding BV, people familiar with the matter said.

The deal between Blessing’s SPAC, called EFIC1, values Azerion at about 1.3 billion euros ($1.5 billion), the people said. If the SPAC’s shareholders approve, the company will rename as Azerion Group NV and start trading on the Amsterdam stock exchange in February, they said, asking not to be named as they weren’t authorized to speak publicly.

Blessing set up EFIC1 earlier this year as the wave of blank-check companies started to reach Europe after a boom in the U.S. Several other European high-profile bankers have started SPACs, including ex-Credit Suisse Group AG CEO Tidjane Thiam and ex-Deutsche Bank AG investment banking head Garth Ritchie.

Azerion makes money from placing ads in online games. Led by Co-CEOs Attila Aytekin and Umut Akpinar, it had 195 million euros in revenue last year, according to its latest annual report.

Read more