Redbox To Become Public Company Via Merger With Seaport Global Acquisition

(RTTNews) - Redbox will become publicly traded company through business combination with Seaport Global Acquisition Corp. The transaction values the combined company at $693 million.

Upon closing, Redbox's common stock is expected to trade on Nasdaq under the ticker symbol RDBX.

As part of the deal, all existing shareholders will roll 100% of their equity in Redbox, including funds managed by affiliates of Apollo Global Management, Inc. (APO), which acquired Redbox through the acquisition of Outerwall in September 2016. Upon close of the combination, these existing shareholders will hold approximately 59% of the outstanding common stock.

The transaction has been unanimously approved by the board of directors of Seaport Global Acquisition and Redbox and is expected to close in the third quarter of 2021.