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Private equity firm Victory Acquisition Corp. has agreed to acquire TouchTunes Corp., which operates a digital jukebox network in bars, restaurants and retail locations. Following the transaction expected to close next month, TouchTunes will become a wholly owned subsidiary of Victory, which will take the company public.
Under the terms of the deal, Victory will acquire TouchTunes for 33 million shares of Victory stock. Victory will also assume about $40 million in net debt. The combined company will operate as TouchTunes and trade publicly on the NASDAQ Stock Market or another national exchange.
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