Graf Global SPAC to Take Big3 Public at $290 Million Valuation
FIG•Graf Global Corp. will merge with Big3 league under ticker FIG, valuing the 3-on-3 basketball organization at $290 million pre-money with all existing equity converting to common stock at closing expected in Q4. Major backers include John P. Angelos, Fortress Investment Group executives Peter Briger and Drew McKnight, and PayPal co-founder Ken Howery, as the league prepares for its ninth season opener June 20 at the Intuit Dome.
1. SPAC Agreement Details
Graf Global Corp. has signed a definitive agreement to merge with Ice Cube’s Big3 league in a SPAC transaction at a pre-money valuation of $290 million. The deal will convert all existing Big3 equity into common stock of the combined company and is scheduled to close in the fourth quarter.
2. Investors and League Context
Prominent investors include John P. Angelos, Fortress Investment Group executives Peter Briger and Drew McKnight, and PayPal co-founder Ken Howery. Big3’s ninth season commences June 20 at the Intuit Dome, with franchises in eight cities owned by the league or independent investors.
