The owner of Betway will merge with SPAC and seek its listing in the US.

By Ucatchers

Super Group, the holding company for online sports betting and gaming operator Betway, will merge with special-purpose acquisition company Sports Entertainment Acquisition Corp. (SEAH) to list on the New York Stock Exchange.

This is the latest SPAC alliance announced over the past year within the gaming industry as companies seek a better foothold in the US sports betting arena.

As mentioned above, Super Group is the parent of Betway, a major player in Europe’s digital gambling space, but also owns Spin, a multi-brand online casino specialist. The group is licensed in 23 territories in Europe, Africa and America.

Took over $ 42 billion in gambling in the 12 months to March 2021 and has more than 2.5 million monthly unique active customers.

Super Group has also recently signed an agreement to acquire online gaming solutions provider Digital Gaming Corporation in a move that will give them initial access to 10 states in the US That transaction is subject to customary regulatory closing conditions.

The popularity of online gambling has risen globally over the past 12 months as it has been fueled by mandatory government shutdowns aimed at slowing the spread of the coronavirus. In the US, industry growth has been further facilitated by the legalization of sports betting and iGaming in various states.

As a result, many European companies have taken advantage or have been looking for ways to take advantage of the local market, and Betway and its parent organization are clearly the last.

Details of the transaction

In a statement Sunday, Super Group said that following its merger with SEAH, the combined group will apply to list your shares on the New York Stock Exchange under the ticker symbol SGHC and will operate under the name Super Group.

The Betway owner further noted that SEAH has agreed to the combination based on a pre-investment equity valuation of $ 4.75 billion. The transaction, once closed, is expected to deliver around $ 450 million in cash to the combined business. The money is currently held in trust.

Super Group’s existing shareholders will own approximately 88% of the combined group’s shares at closing. And the group will have approximately $ 200 million in cash on your balance sheet once the deal closes.

The merger is subject to the approval of SEAH shareholders, as well as other customary closing conditions. It is expected to be completed in the second half of the year.

This is the fourth SPAC merger involving a gaming company announced last year. Last April, American sports betting and fantasy sports operator DraftKings merged with Diamond Eagle Acquisition Corp.

And in late December, Tilman Fertitta’s Golden Nugget Online Gaming merged with Landcadia Holdings II, Inc., while Rush Street Interactive closed its SPAC alliance with dMY Technology Group.

Game bosses see a combination with special purpose acquisition companies as a quick way to get their companies to market with potentially higher fundraising and reduced complexity, particularly when compared to the traditional initial public offering process.

Fountain: Super Group to Merge with Sports Entertainment Acquisition Corp. to Create New York-Listed Global Gaming Company, BusinessWire, April 25, 2021

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