By Elias Schisgall

Enhanced Games is going public with a $1.2 billion valuation through a merger with A Paradise Acquisition Corp, a special purpose acquisition company.

Enhanced, founded in 2023, organizes sporting events that embrace the use of legal performance-enhancing drugs. The company is backed by investors including Peter Thiel and Donald Trump Jr., The Wall Street Journal reported last month.

The company is organizing an inaugural Enhanced Games event in Las Vegas in May. Enhanced is also developing a direct-to-consumer telehealth business focusing on performance medicine products, it said.

"We see Enhanced as an innovator in athletics with a diversified revenue model spanning events, media, consumer products and technology, well-positioned for significant growth potential," A Paradise Chief Executive Officer Claudius Tsang said Wednesday.

As part of the transaction, Enhanced will merge with A Paradise and reincorporate in Texas, with the result being a public company trading on Nasdaq under the ticker ENHA, Enhanced said. The transaction will result in $200 million in gross cash proceeds going toward shareholders of the acquisition company, it said.

Existing Enhanced shareholders will collectively maintain roughly 81% ownership in the new public company, Enhanced said.

The deal is expected to close in the first half of 2026.

Enhanced also said Wednesday it closed on a private placement worth $40 million, raised largely from existing shareholders.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

November 26, 2025 10:35 ET (15:35 GMT)

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