Exclusive: The parent of online bookmaker Betway is approaching a $ 5.1 billion deal to go to public sources
By Joshua Franklin and Anirban Sen.
(Reuters) – Super Group, the parent company of online bookmaker Betway, is about to go public through a merger with blankoscheck acquisition firm Sports Entertainment Acquisition Corp valued at approximately $ 5.1 billion Saturday.
The deal comes about as Betway, which has its roots in Europe, is expanding in the US. Betway has agreed to acquire Digital Gaming Corp and enter the online sports betting and gaming market in 10 US states.
Shareholders, who account for more than two-thirds of Super Group’s equity, will keep their stakes under the deal, the sources said. Sports Entertainment chairman Eric Grubman, a former National Football League (NFL) manager, will become chairman of the Super Group, and Sports Entertainment CEO John Collins, a former National Hockey League chief operating officer, will serve on the board of directors Join Super Group.
The sources asked for anonymity as the contract negotiations are confidential.
SPACs like Sports Entertainment are shell companies that raise funds through an IPO to partner with a private company that will go public as a result and provide an alternative to traditional IPOs.
SPAC dealmaking was halted in the last few weeks after a record start to 2021 after U.S. regulators changed accounting rules for them.
Betway’s platform allows betting on popular sporting events around the world, including the UK Premier League football tournament and the Indian Premier League cricket tournament. It has partnerships with US basketball teams like the Chicago Bulls, Golden State Warriors, Brooklyn Nets and Los Angeles Clippers, as well as with English soccer teams like West Ham United.
Betway entered the U.S. betting market earlier this year, which has grown rapidly since the ban on sports betting was lifted in 2018.
Super Group also owns Spin, a multi-branded online casino offering. Ambassadors include former cricketer Kevin Pietersen and former jockey Katie Walsh.
The Sports Entertainment acquisition completed its IPO in New York in October and raised $ 400 million. It is assisted by Timothy Goodell, General Counsel of the US oil producer Hess Corp. (NYSE 🙂 and brother of NFL Commissioner Roger Goodell and a subsidiary of investment bank PJT Partners (NYSE 🙂 Inc.
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