Sports Entertainment Acquisition set a Jan. 26 meeting date for shareholders to vote on its proposed merger with Super Group, a global online sports betting and gaming operation.
The SPAC also said its registration statement on Form S-4 has been declared effective by the SEC.
If shareholders approve the deal, upon closing the ordinary shares of the combined company are expected to be listed on the NYSE under the ticker symbol SGHC.
As announced in April 2021, the SPAC 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 about $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. Read more.
