Jennifer Lopez, Alex Rodriguez invest in Viagra startup to help in Mets deal
Deal could help enlarge their coffers as they pursue deal to buy the Mets
Alex Rodriguez and Jennifer Lopez are investing in a Viagra-selling wellness startup — and the deal could help enlarge their coffers as they pursue a deal to buy the Mets, sources told The Post.
Hims, an online seller of proprietary hair, skin, and sexual health products to customers on a subscription basis, is in talks to sell itself to a special-purpose acquisition company, or SPAC, in a deal valuing it at $1 billion, Reuters reported this week.
The pair popularly known as J-Rod, meanwhile, inked a deal to be the face of Hims in December 2019.
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A source close to the couple confirmed to The Post that J.Lo and A-Rod are also investors in the company, with Lopez signing on to be the face of Hers, a line of products for women.
The famous couple, who “really only do equity deals,” according to the source, believe a successful SPAC sale for Hims could provide them more capital to use in their very public pursuit to buy the New York Mets.
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“Based on my understanding, it could be a nice little windfall,” one investor familiar with Hims told The Post. “And it makes sense that A-Rod and J-.Lo are involved with a SPAC. It seems like everyone is.”
According to Reuters, Hims is in the early stages of its sale and is working with investment bank LionTree Advisors to find a SPAC interested in purchasing it at a valuation of $1 billion or more.
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SPACs are quickly becoming the financial equivalent of Viagra for companies having a hard time getting their ticker symbol up on an exchange.
The idea is to take the company public in a deal that’s commonly referred to as a blank-check IPO.
That’s possible because SPACs are more or less big reserves of idle cash that an investor takes public and then uses to acquire a private company, sidestepping a conventional IPO process that might have been unworkable for the acquired company.