Blank-check company PowerUp Acquisition Corp. is raising $250 million in an initial public offering with a plan to target businesses in gaming and the metaverse.
Led by Bruce Hack, the former CEO of Vivendi Games, and Jack Tretton, the former president and CEO of Sony Computer Entertainment America, PowerUp Acquisition has been planning to tap into the gaming industry since the spring of 2021.
Hack facilitated Vivendi’s merger with Activision in 2008 and helped the publisher reach profitability, while Tretton was instrumental in building the PlayStation brand.
The video game industry has seen an onslaught of major deals recently.
- Last year, $85 billion worth of deals were made involving video game companies.
- $150 billion in deals are expected to take place in 2022, per Drake Star Partners.
PowerUp Acquisition could raise additional capital through a private investment in public equity.
Stiff Competition
UTA Acquisition, a SPAC led by former Nintendo of America CEO Reggie Fils-Aimé, announced plans to raise $200 million last December.
The blank-check company is also focused on merging with a private firm in gaming and digital media.
