Super Group, parent company of some of the UK鈥檚 leading online gaming brands, is to float on the New York Stock Exchange via a SPAC merger.听
The holding company for sports betting brand听Betway听and听multi-brand online casino offering听Spin听has been valued at $4.75 billion in the deal, which will see it merge听with听Sports Entertainment Acquisition Corp.听
SEAH is听a听publicly traded听blank cheque company 鈥撎齥nown as a SPAC, or听special purpose acquisition company听鈥撎�created specifically for the purpose of the deal.听
In the US, public listings via SPACs听are growing in popularity as a faster way of listing a company.听
Super Group听is licensed in 23 jurisdictions throughout Europe, the Americas and Africa, took in more than $42bn in wagers in the 12 months to March 2021 and currently has over 2.5m monthly unique active customers.听
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Betway听currently has more than 60 brand partnerships with many teams, leagues and sport personalities across the globe. These include some of the world鈥檚 leading sports franchises, such as the US NBA teams Chicago Bulls, Golden State Warriors, Brooklyn Nets and LA Clippers;听Premier League football team West Ham United; and eSports team听Ninjas in Pyjamas.听
Its US growth plans will be complemented by Eric Grubman and John Collins, who it says bring with them a wealth of experience and relationships within the broader US sports and entertainment听ecosystem.听听
In addition, the group will continue the roll out of its offerings on a global basis including the launch in multiple new licensed territories in 2021.听
Super Group, which is听headquartered in听Guernsey,听has also entered into an agreement to acquire recently formed gaming company听Digital Gaming Corporation, which has the exclusive right to use the听Betway听brand in the US and has secured market access for online sports betting and gaming in up to an initial 10 US states including Pennsylvania, New Jersey, Colorado, Indiana and Iowa.听
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Neal Menashe, CEO of Super Group, said: 鈥淲e have established our group as a truly global, scaled and profitable digital gaming business, delivering on our vision to bring first-class entertainment to the worldwide betting and gaming community.听听
鈥�Becoming a public company will give us the tools to continue to grow our leading product and technology offering and deliver a strengthened brand-driven marketing strategy.听
鈥淭his listing will position us strongly to capitalize on the significant global growth opportunities ahead 鈥� including in the US market 鈥� enabling us to further expand our robust, loyal and engaged customer base.听听
鈥�In Eric and John, we have found the perfect partners with expertise across sports, entertainment and public markets to help us navigate our next phase of growth.鈥�听
Grubman,听Chairman of the Board of Directors of SEAH, said: 鈥淪uper Group is an online gaming and betting powerhouse with a track record of global growth and a strong balance sheet.听听
鈥�Super Group鈥檚 core DNA is rooted in digital technology, which drives its unparalleled expertise in data and analytics.听听
鈥�Neal and Super Group鈥檚 diverse and multi-talented global team have a great playbook for how to successfully launch and achieve profitable growth in new markets, and we look forward to partnering closely with them on this exciting next chapter as a public company.鈥�听
The transaction, expected to close in the second half of 2021,听will deliver approximately $450m of cash to the combined company听while听Super Group鈥檚 existing shareholders will hold approximately 88% of the shares听within it.听