Jack Tretton, former CEO of Sony Computer Entertainment America, is leading a $225 million special-purpose acquisition company that’s pursuing a deal in the video game industry. Tretton, who began his career at Sony in 1995, is now the CEO of PowerUp Acquisition Corp., an SPAC which is looking to acquire a company in the interactive media space that focuses on video games.
SPACs, also known as blank-check companies, are publicly listed businesses created to complete an acquisition that brings a private entity to public markets. This year, more than 600 SPACs priced in the U.S., surpassed $160 billion, making up the majority of global issuance. However, many SPACs underperform traditional initial public offerings.
Citigroup Inc. is serving as the book-running manager of the offering, while broker-dealer Odeon Capital Group is serving as co-manager.
Joining Tretton on the management team is Bruce Hack, former CEO of Vivendi Games and vice chairman of Activision Blizzard Inc. from 2008 to 2009.