Super Group completes $4.75bn SPAC merger to fuel global expansion
Betway and Spin parent company to make its debut on the NYSE on 28 January under the ticker symbol SGHC
Super Group, the umbrella company for Betway and multi-brand online casino Spin, has completed its merger with blank-cheque outfit Sports Entertainment Acquisition Corp. (SEAC).
SEAC and Super Group agreed last April to a $4.75bn merger which would involve Super Group going public.
Carrying the Super Group name, the combined business is due to begin trading on the New York Stock Exchange (NYSE) today, 28 January, under the ticker symbol SGHC.
Earlier this week, SEAC shareholders gave the green light to the merger, with the transaction expected to generate around $202.4m from SEAC trust proceeds. This would reflect roughly 45% of the publicly held shares not submitted for redemption.
“Today marks a major milestone for our company, our employees and our shareholders,” said Neal Menashe, CEO of Super Group.
“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.”
Eric Grubman, chairman and CFO of SEAC, commented: “We were attracted to Super Group for its proven business model, strong leadership and exceptional products and technology.
“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.”
Earlier this month, Super Group posted full-year 2021 net gaming revenue of $1.53bn as the company hailed its “robust trading performance in H2” despite regulatory impacts in the Netherlands and Germany.
Licensed in 25 jurisdictions, Super Group is looking to expand its presence in the US with the NYSE float.
The Betway brand is currently live in five US states: Colorado, Iowa, Indiana, Pennsylvania and New Jersey.