Modern Media Acquisition completes merger agreement with Akazoo Ltd.
Clients Modern Media Acquisition Corp.
Jones Day advised Modern Media Acquisition Corp. ("MMDM"), a special purpose acquisition company, in its business combination with Akazoo Limited, a U.K.- based digital music streaming platform specializing in emerging markets. The transaction combines Akazoo and MMDM under a new Luxembourg holding company, which is listed on the Nasdaq Stock Market under the symbol "SONG".
The transaction values the combined company at approximately $380 million. The shareholders of Akazoo now own a majority of the public company.