Bowlero $2.6 billion merger with Isos Acquisition

Davis Polk is advising Atairos Management, L.P. in connection with the $2.6 billion business combination between Bowlero Corp. and Isos Acquisition Corporation. A $450 million fully committed PIPE transaction consisting of convertible preferred and common stock has been secured in consideration for $345 million in cash and $105 million of Atairos’ existing equity in Bowlero. The transaction is expected to close in October of 2021, subject to, among other things, the approval by Isos’ stockholders and satisfaction or waiver of the other conditions stated in the definitive documentation.

Atairos is an independent, private company focused on supporting growth-oriented businesses across a wide range of industries. Bowlero Corp is the worldwide leader in bowling entertainment, media and events. With more than 300 bowling centers across North America, Bowlero Corp serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes and AMF. Isos Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

The Davis Polk corporate team includes partners William J. Chudd and Harold Birnbaum and associate Rachel Schlosser. Partner Hilary Dengel and counsel Robert F. Smith are providing finance advice. Partner Veronica M. Wissel and associate Tessa Patti are providing executive compensation advice. Partners Mark J. DiFiore and Shane Tintle are providing capital markets advice. Partner Ethan R. Goldman is providing tax advice. All members of the Davis Polk team are based in the New York office.