Enhanced Games to Go Public in $1.2 Billion US SPAC Merger

The Enhanced Games, an Olympics-style sports event that welcomes performance-enhancing drugs and backed by billionaire Peter Thiel, is planning to go public by merging with blank-check company A Paradise Acquisition Corp.

The deal would give Enhanced Ltd. an enterprise value of $1.2 billion, according to a statement on Wednesday that confirmed an earlier Bloomberg News report. The transaction is expected to provide as much as $200 million in gross cash proceeds, assuming no redemptions.

Enhanced has also closed a $40 million equity private placement through the so-called Simple Agreement for Future Equity, or SAFE, which is convertible into ...