Super Group lands a SPAC deal with Sports Entertainment Acquisition Corp
Sports Entertainment Acquisition Corp. I (NYSE: SEAH) and Super Group, the holding company of leading global online sports betting and gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering, announced the signing of a definitive agreement for a business combination that will result in Super Group becoming a public company.
Super Group is licensed in 23 jurisdictions throughout Europe, the Americas and Africa, took in more than $42 billion in wagers in the 12 months to March 2021 and currently has over 2.5 million monthly unique active customers.
Super group has delivered $1.1 billion in Net Gaming Revenue (NGR) and $259 million EBITDA in 2020 on a pro-forma basis and forecasts a NGR of more than $1.5 billion and EBITDA of over $350 million in 2021 and NGR of more than $1.7 billion and EBITDA of over $420 million in 2022.
The transaction anticipates a $4.75 billion pre-money equity valuation.
Shareholders comprising more than 70% of Super Group’s equity will not be selling any shares and will roll their entire equity positions into the public company.
On closing, the combined company will operate as Super Group and will be listed on NYSE under the new ticker symbol "SGHC”.
The transaction is expected to close in the second half of 2021.Read more