Enhanced Games Said to Go Public in $1 Billion SPAC Merger (1)

The Enhanced Games, an Olympics-style sports event that welcomes performance-enhancing drugs and backed by billionaire Peter Thiel, is in advanced talks to go public through merging with special purpose acquisition company A Paradise Acquisition Corp., people familiar with the matter said.

The deal would value the business at about $1 billion, the people said, declining to be identified because the information is private. Enhanced Games and the blank-check firm have been in discussions with several investors to back the transaction through private investment in public equity, or PIPE, some of the people said.

A Paradise Acquisition raised $200 ...