Super Group to go Public in Merger with an Acquisition Firm

 

Betway’s parent company Super Group is nearing a deal to go public through a merger with blank-check acquisition firm Sports Entertainment Acquisition Corp at a valuation of about $5.1 billion.

The deal comes as Betway, which has its roots in Europe, expands in the US. Betway has also agreed to acquire Digital Gaming Corp, tapping the online sports betting and gaming market in 10 U.S. states.

Shareholders accounting for more than two-thirds of Super Group’s equity will maintain their stakes under the deal.

Sports Entertainment’s executive chairman, Eric Grubman, a former National Football League (NFL) executive, will become chairman of Super Group, and Sports Entertainment CEO John Collins, a former National Hockey League chief operating officer, will join Super Group’s board.

SPACs, such as Sports Entertainment, are shell companies that raise funds in an initial public offering with the aim of merging with a private company, which becomes public as result, providing an alternative to traditional IPOs.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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