Allwyn to list on New York Stock Exchange in $9.3bn SPAC deal
Multinational lottery operator bidding for UK National Lottery licence follows up rebrand with public listing
Allwyn Entertainment is set to float on the New York Stock Exchange via a merger with a SPAC, Cohn Robbins Holdings Corp.
Formerly known as Sazka Entertainment, Allwyn is set to become a publicly listed company with an approximate total enterprise value of $9.3bn via the agreement. The $9.3bn (£6.9bn) figure is derived from 11.5x 2022 expected EBITDA.
Cohn Robbins Holdings Corp was co-founded by former Goldman Sachs group executives Gary D. Cohn and Clifton S. Robbins and holds approximately $828m of cash in trust.
The blank-cheque firm has committed to purchase more than $350m of securities in the combined company in the form of a private investment in public equity (PIPE) investment.
Allwyn said it expects to retain around 83% in the company, with no new shareholder owning a stake of more than 5% immediately following the transaction.
Karel Komárek, Allwyn chair, said: “Listing on the NYSE is the next chapter in Allwyn’s history and track record of shared success benefitting players, communities, governments and investors.
“Going public positions Allwyn to expand its shared success to more markets, while enhancing capital access to fund opportunities for accelerated growth,” he added.
Cohn and Robbins commented: “We have worked with hundreds of management teams and invested in hundreds of companies in our careers, but we founded Cohn Robbins to seek out just one.
“We believe that Allwyn is the right company, in the right industry, at the right time and with the right leadership team,” they added.
The deal is expected to close in Q2 2022 following approval from Cohn Robbins Holdings Corp shareholders and standard regulatory checks.
Following the closure of the deal, Robbins will join the Allwyn board of directors while Cohn will serve as a special advisor to the chair.
Allwyn, which completed its rebrand from Sazka last year, is one of the four companies vying for the fourth UK National Lottery licence. A decision is expected in February.