International Media Acquisition Corp (NASDAQ: IMAQ), the special purpose acquisitions company, has executed agreements to acquire Risee Entertainment and Reliance Entertainment Studios for approximately ₹1,127 crores ($140 million).
IMAQ acquired 100% of the issued and outstanding share capital of Reliance Entertainment Studios Private Limited from Risee Entertainment Holdings Private Limited.
The consideration for the acquisition for the two companies is in the form of a total of $102 million in cash and $38 million in investment, spread over four tranches.
ALMT Legal, Bangalore represented IMAQ in this acquisition.
The transaction team consisted of S Arun (Senior Partner), Rajat Bopaiah (Partner), Arindam Basu (Partner), Souvik Paul Mazumdar (Partner), Sandhya Susanna Bhaskar (Principal Associate), Aman Singh Poras (Senior Associate), Rahul T.S. (Associate), Shruthi Kishore (Associate), Natasha Ponnappa (Associate), Rishabh Sureka (Associate), Aishwarya Ravi (Associate), Mridula Ponappa (Associate), Venkatesh Murthy (Associate), Devendra Prasad (Associate), Archana Padmanabhan (Associate) and Jayant Saxena (Associate).
Crawford Bayley represented Risee Entertainment and Reliance Entertainment Studios in this deal.
The transaction team was led by Ankit Paleja (Partner).
Loeb and Loeb acted as US legal counsel to International Media Acquisition Corp.
KPPB Law acted as US legal counsel to Risee Entertainment and Reliance Entertainment Studios.
The deal for the two companies will reunite former Reliance Entertainment CEO Sarkar with several former colleagues he left behind when he set up the SPAC.
International Media Acquisition Corp, a New Jersey registered special purpose acquisition company (SPAC), was launched on the NASDAQ last year by Shibasish Sarkar with the backing of several high-profile Indian entertainment figures and media companies.