Wynn Resorts and Austerlitz Acquisition announced that they have entered into a definitive agreement under which the SPAC will combine with subsidiary Wynn Interactive.
The combined company is expected to have an enterprise value of approximately $3.2 billion, representing 4.5x Wynn Interactive’s projected 2023 revenue.
Cannae Holdings has agreed to fully backstop share redemptions, assuring availability of cash proceeds at closing. As a result, irrespective of share redemptions by the public stockholders of Austerlitz I, approximately $640 million in cash will be available to fund the combined company’s operations.
Wynn Interactive’s current shareholders will retain an equity interest of approximately 79 percent, inclusive of 58 percent equity interest and 72 percent voting interest by Wynn Resorts. Austerlitz I stockholders will hold approximately 18 percent and the SPAC’s sponsor will hold approximately 3 percent.
Pending shareholder approval, upon closing the combined company will retain the Wynn Interactive name and relist on the Nasdaq under WBET. The deal is expected to close by the end of 2021.
Wynn Interactive, the online gaming division of Wynn Resorts, offers a collection of casino and sports betting mobile options to consumers across the United States and U.K. Read more.
