Boxine’s De-SPAC Transaction With 468 SPAC

YPOG advised Armira Beteiligungen on the deal. Arendt & Medernach advised 468 SPAC I SE.

Boxine GmbH, a category-defining international kid’s digital audio entertainment company and the company behind the Toniebox and Tonies figurines, and 468 SPAC (Frankfurt Stock Exchange: SPAC), a Luxembourg special purpose acquisition company sponsored by Alexander Kudlich, Ludwig Ensthaler and Florian Leibert, the founders of 468 Capital, announced that they have entered into a definitive business combination agreement.

468 SPAC SE, whose shares can now be traded on the German Stock Exchange in Frankfurt, will henceforth trade under the name tonies SE. Plans for the acquisition of Boxine by 468 SPAC had already been announced in June. For tonies SE, the merger initially means gross revenues of around 190 million euros, which the company says will be used primarily to further expand into the US market and to promote product expansions. The pro-forma equity value is stated at 990 million euros. The majority shareholder of tonies SE remains an investor consortium led by Armira. In order to drive international expansion, the Munich-based industrial holding company is already invested in Boxine since 2019 via a co-investment structure with other investors.

Boxine is a leading international digital media and entertainment company for children and develops and distributes tonies®, an innovative and award-winning audio system for children aged three and up. The revolutionary system consists of the Toniebox player and matching audio figures – called Tonies – which, when paired with the Toniebox, start playing audio content. There are currently 300 Tonies figures available.

The YPOG team included Dr. Jörn Wöbke (Picture – Co Lead/Corporate/M&A), Partner; Jens Kretzschmann (Co-Lead/Structuring), Partner; Andreas Kortendick (Co-Lead /Tax), Partner; Lennart Lorenz (Regulatory Law), Partner; Dr. Christian Joisten (Tax) Associated Partner; Robert Schramm (Structuring/Corporate), Associate; Johannes Schmidt (Corporate/M&A), Associate; Dr. Niklas Ulrich (Regulatory Law), Associate.

Arendt team involved Alexander Olliges, Haider Gontier, Laurent Schummer, François Warken, Milos Vulevic, Jérôme Jacques, Jan Neugebauer, Dr. Philipp Jost, Donjeta Beka.

Involved fees earner: Donjeta Beka – Arendt & Medernach; Haider Gontier – Arendt & Medernach; Jérôme Jacques – Arendt & Medernach; Philipp Jost – Arendt & Medernach; Jan Neugebauer – Arendt & Medernach; Alexander Olliges – Arendt & Medernach; Laurent Schummer – Arendt & Medernach; Milos Vulevic – Arendt & Medernach; François Warken – Arendt & Medernach; Christian Joisten – YPOG; Andreas Kortendick – YPOG; Jens Kretzschmann – YPOG; Lennart Lorenz – YPOG; Johannes Schmidt – YPOG; Robert Schramm – YPOG; Niklas Ulrich – YPOG; Jörn Wöbke – YPOG;

Law Firms: Arendt & Medernach; YPOG;

Clients: 468 SPAC I SE; Armira;

Federica Tiefenthaler

Author: Federica Tiefenthaler