Sports betting platform FL Entertainment N.V. and Pegasus Entrepreneurial Acquisition Company Europe B.V. today entered into a definitive business combination agreement that will result in FL Entertainment listing on the Euronext Amsterdam.
The transaction gives an implied pro forma equity value of €4.1 billion and pro forma enterprise value of €7.2 billion – which would make the deal the largest business combination by a European-listed SPAC.
So far, Pegasus said it has over €620 million in cash commitments to FL Entertainment already secured, consisting of €220 million in PIPE investments, €250 million invested by controlling shareholder Financière Lov, €50 million invested by Financière Agache and Tikehau Capital as part of their forward purchase agreement and more than €100 million from Pegasus Entrepreneurs secured through signed non-redemption commitments.
Recognizing the strong demand from investors thus far, the SPAC said it will continue to market the PIPE participation to additional investors with a target size of €250 million. Read more.
