Fenwick Represents BuzzFeed in Combination Agreement with 890 Fifth Avenue Partners SPAC

Fenwick represented BuzzFeed, a digital media company that reaches hundreds of millions globally through its cross-platform news and entertainment network, in its agreement to merge with 890 Fifth Avenue Partners Inc. (Nasdaq: ENFA), a special purpose acquisition company (SPAC) focused on tech, media and telecom, and become publicly listed.

The transaction values BuzzFeed at approximately $1.5 billion. Proceeds from the combination include up to $288 million held in trust by 890 Fifth Avenue Partners and $150 million in convertible note financing from a group of institutional investors. The parent company will be known as BuzzFeed Inc. and listed under the ticker symbol “BZFD.” The transaction is expected to close in the fourth quarter of 2021. More information can be obtained from the company’s announcement.

BuzzFeed also announced plans to acquire Complex Networks, a global youth entertainment company spanning style, food, music, sneakers and pop culture, in a $300 million acquisition that is expected to close in the fourth quarter of 2021. Read more about the acquisition here. 

Fenwick has represented New York-based BuzzFeed for several years, including on its $200 million Series G financing in 2016. This was the same year the firm opened its New York office, which has expanded rapidly (from eight attorneys to more than 100) with the growth of the region’s technology and life sciences sectors.

The Fenwick transaction team included corporate partner Mark Stevens, Ethan Skerry, Dawn Belt, David Michaels and Aman Singh, associates Janiece Jenkins, Eugene Karlik, Kristen Nicol, Rachel Holland, Arielle Trapp and Sarah Hill and law clerks Riddhi Adhikari and Elizabeth Gil; executive compensation and employee benefits partner Gerald Audant, counsel Laura McIntyre and associate Emily Gulyako; technology transactions partner Vejay Lalla and associates Julia Arruda and Barbara Wong; privacy and cybersecurity counsel Helen Christakos; and tax partner Larissa Neumann and associate Michael Knobler.