After being a private company for the past nine years, Playboy has revealed plans to list on the stock market.

In a deal that is valued at $415m (£323m), the company will merge with SPAC Mountain Crest Acquisition.

Playboy has transformed its business model and now describes itself as a consumer products company, selling clothing and gaming.

The merger is expected to be completed in 2021, when the group will be listed on the Nasdaq, the US stock market index.

Playboy chief executive Ben Kohn said: “The intention was always to return the company to public markets.”

“Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure,” Kohn said in a statement.

“We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct-to-consumer capabilities,” he added.