I-AM Capital Acquisition Company has entered into a definitive agreement with Smaaash, the India-based FEC operator and games developer.
In the transaction, I-AM Capital is reported to be investing up to US$49m, which will net it a 24.5 per cent ownership interest in Smaaash.
Upon closing of the transaction, I-AM Capital will change its name to Smaaash Entertainment and transition itself from a blank cheque company to an operating business.
Smaaash presently owns and operates over 30 family entertainment centres across India, as well as the FEC in the Mall of America, Minneapolis, US, and is in the process of opening a location in Dubai.
The deal forms part of a period of expansion for Smaaash in which it expects to grow to around 60 centres within the next two years. It is also actively expanding to other countries including Jeddah in Saudi Arabia and Thailand.
F. Jacob Cherian, co-founder and CEO of I-AM Capital, said: “Smaaash is backed by a visionary entrepreneur with a tremendous track record of success, and is well positioned to tap attractive digital growth areas such as online gaming.”
