Genius Sports concludes $1.5bn SPAC merger
Data provider to begin trading on New York Stock Exchange as merger with dMY Technology Group II completes
Genius Sports will officially start trading as a public company on April 21 after completing a $1.5bn merger with US-based investment firm dMY Technology Group II.
The SPAC merger will see shareholders of both firms sacrifice shares in exchange for shares in the newly formed company, which will begin trading on the New York Stock Exchange as Genius Sports Limited under the ticker symbol GENI.
Genius Sports Limited will have a $145m cash surplus and no financial debts on its balance sheet.
The combined group will target US growth and international expansion through organic growth and M&A.
Genius Sports CEO Mark Locke will retain his role within the combined group.
DMY Technology Group II chairman Harry You and CEO Niccolo de Masi will lead a new board of directors.
“As Genius Sports enters an exciting new chapter in its history, we are uniquely positioned at the heart of the world’s sports, betting and media ecosystem,” Locke said.
Earlier this month, Genius Sports dropped the word Group from its corporate brand identity as part of a general review that will see parts of the business consolidated under one umbrella.
As a result, its Betgenius and Genius Sports Media subsidiaries will cease to exist.
The data provider has concluded a deal to become the exclusive distributor of official data both globally and in the US for the NFL in a deal worth up to $100m a year.