Super Group has entered into a definitive agreement with Sports Entertainment Acquisition to merge and list its global online sports betting and gaming group on the NYSE.
The combined company intends to apply to list its shares under SGHC. Upon closing, the combined company will operate under the name Super Group.
The SPAC has agreed to combine with Super Group based on a $4.75 billion pre-money equity valuation. Assuming no redemptions by shareholders, the transaction will deliver approximately $450 million of cash to the combined company. Super Group’s existing shareholders will hold approximately 88 percent of the shares in the combined company on closing; and the group will have approximately $200 million in cash on its balance sheet at closing.
Shareholders comprising more than 70 percent of Super Group’s equity will not be selling any shares and will roll their entire equity positions into the public company.
Pending shareholder approval, the deal is expected to close in the second half of 2021. Read more.
