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06 September 2021 / deal

Loyens & Loeff Luxembourg advises Boxine on business combination with 468 SPAC I

Boxine, the category-defining and award-winning kid’s cloud-connected digital audio entertainment system, goes public on the Frankfurt Stock Exchange through a pioneering EUR 990 million business combination advised on by our Luxembourg team.

Tonies Toys - Boxine Deal

We advised Tonies manufacturer Boxine, a cloud-connected kid's audio entertainment business, and private equity investor Armira on a business combination with 468 SPAC I SE, a Luxembourg special purpose acquisition company, resulting in Boxine's listing on the Frankfurt Stock Exchange. This transaction is one of the first of its kind involving a German-listed SPAC with a pro-forma equity value of EUR 990 million and a PIPE (Private Investment in Public Equity) financing of EUR 100 million. The transaction further values Boxine at a pro-forma enterprise value of EUR 870 million.

Boxine is the company behind Tonies, the category-defining and award-winning kid’s cloud-connected digital audio entertainment system and one of Europe’s fastest growing tech-enabled brands.  

The Loyens & Loeff Luxembourg team was led by Corporate Partner Guy Palmaers, with Ana Andreiana (Senior Associate), Jérôme Dubois and Zuzanna Ostromecka (Associates). The team further consisted of Capital Markets team members Cédric Raffoul (Partner) and Sixtine Auguet (Associate), Tax Partner Frank van Kuijk and Employment Counsel Farah Sophia Jeraj.

For more information about this deal, please refer to the Investor Relations page on Boxine's website.

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