The operator of online betting and gaming brand Betway and multi-brand online casino Spin, Super Group (SGHC), is now live on the New York Stock Exchange (NYSE), following the announcement that its merger with Sports Entertainment Acquisition Corp (SEAH) is completed.
Pursuing Global Growth Opportunities
Super Group and special purpose acquisition company (SPAC) SEAH announced Thursday the closing of their business combination that began with the signing of a definitive agreement in April 2021. The transaction was given the go-ahead to complete following the approval received by a majority of SEAH shareholders at the special meeting on January 26, 2022.
“We were attracted to Super Group for its proven business model, strong leadership and exceptional products and technology,” said Eric Grubman, Chairman and chief financial officer at SEAH.
“We are pleased to complete our business combination with Super Group and look forward to continuing our collaboration with Neal and rest of the management team, helping Super Group strengthen and grow its position in the global online betting and gaming industry.”
Eric Grubman, Chairman and CFO, SEAH
The merger agreement was based on a $4.75 billion pre-money equity valuation and was expected to bring in $450 million of cash if there are no redemptions by SEAH’s shareholders. In the combined entity, Super Group’s existing shareholders were expected to hold approximately 88% of the shares upon closing of the transaction, while the entity was projected to end up with approximately $200 million in cash on its balance sheet.
According to the terms that were unanimously approved by the board of directors at both companies, more than 70% of Super Group’s shareholder capital will be rolled into the equity of the newly public company.
‘Major Milestone’ for Company, Employees and Shareholders
Celebrating the announcement marking a “major milestone” for the company, its employees and shareholders, Super Group chief executive officer Neal Menashe outlined the company’s future ambitions.
“Now as a public company, we plan to continue to strengthen our brand among the worldwide online betting and gaming community by growing our customer base, expanding into new markets and developing strategic partnerships with major sports franchises.”
Neal Menashe, CEO, Super Group
Following the closing of the transaction, the new entity that retained the name Super Group listed its ordinary shares and public warrants under the “SGHC” and “SGHC WS” ticker symbols, respectively, effective January 28, 2022.