Super Group, the holding company of online sports betting and gambling operator Betway, has entered into a definitive agreement to merge with special purpose acquisition business Sports Entertainment Acquisition Corp. (SEAC) and expand its offering into the US market.
Under the arrangement, Super Group will combine with SEAC and apply to list shares on the New York Stock Exchange under the new ticker symbol ‘SGHC’, with the new business to operate under the name Super Group.
SEAH agreed to combine with Super Group, which also owns the Spin multi-brand online casino business, based on a $4.75bn (£3.42bn/€3.92bn) pre-money equity valuation.
Assuming there are no redemptions by SEAH shareholders, the transaction will deliver approximately $450m of cash to the combined business, while Super Group’s existing shareholders will hold approximately 88% of shares in the combined company, with the new-look group to have approximately $200m in cash upon closing.
The agreement also stated that s..