SportsTek Acquisition Corp. and Metavisio (d/b/a Thomson Computing) Enter Into Exclusive Discussions With Respect to a Business Combination

Rhea-AI Summary

SportsTek Acquisition Corp. (Nasdaq: SPTK, SPTKU, SPTKW) has entered a non-binding letter of intent with Metavisio, a French laptop manufacturer, for a potential business combination. The proposed enterprise value ranges from USD 140 million to USD 160 million, pending due diligence set to conclude by November 9, 2022. Any definitive agreement will depend on the negotiation outcomes, and there is no guarantee of completion or specific terms. SportsTek aims to enhance shareholder value through strategic business combinations.

Positive

• Proposed transaction with Metavisio valued between USD 140 million and USD 160 million could enhance shareholder value.
• Exclusivity period until November 9, 2022, may facilitate thorough due diligence.

Negative

• The transaction is non-binding and subject to due diligence; completion is uncertain.
• No assurance that a definitive agreement will be reached, creating potential investor uncertainty.

NEW YORK, Oct. 14, 2022 (GLOBE NEWSWIRE) -- SportsTek Acquisition Corp. (Nasdaq: SPTK, SPTKU, and SPTKW), a Delaware corporation (“SportsTek” or the “Company”), announced today that it has entered into a non-binding letter of intent with Metavisio (d/b/a Thomson Computing) (“Metavisio”), a French company specializing in building, marketing, and selling laptops, whose securities are listed on Euronext Growth in Paris, with respect to a proposed business combination transaction (the “Proposed Transaction”). The Proposed Transaction is based on an enterprise value of Metavisio of USD 140 million to USD 160 million; however, such valuation is subject to due diligence by the Company of Metavisio. The non-binding letter of intent provides for an exclusivity period for due diligence and the negotiation of a definitive agreement, which period expires on November 9, 2022. A binding commitment with respect to the Proposed Transaction by the Company will only result from the execution of a definitive agreement and then only upon the terms and conditions set forth in the definitive agreement. There can be no assurance that the Company and Metavisio will enter into a definitive agreement with respect to the Proposed Transaction, or, if entered into, there is no certainty of the terms that will be contained in such definitive agreement.

About SportsTek

SportsTek is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. SportsTek’s strategy is to find a business combination partner and to drive long-term stockholder value creation through the collective experience of the Company’s management team. For more information, you can access our public filings at the SEC’s web site http://www.sec.gov.

About Metavisio

METAVISIO (THOMSON Computing) (ALTHO) is a French company that specializes in building, marketing, and selling laptops, whose securities are listed on Euronext Growth in Paris.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Media Contact

SportsTek Acquisition Corp.
918-957-1086

FAQ

What is the proposed transaction between SportsTek and Metavisio?

SportsTek has entered a non-binding letter of intent for a business combination with Metavisio, valued between USD 140 million and USD 160 million.

What is the deadline for due diligence on the SportsTek and Metavisio transaction?

The exclusivity period for due diligence concludes on November 9, 2022.

Is the agreement between SportsTek and Metavisio final?

No, the agreement is non-binding and any definitive agreement is subject to negotiation and due diligence.

What potential benefits could the SportsTek and Metavisio transaction bring?

The transaction could provide enhanced shareholder value through strategic business combination.