set for $45m growth fund when Trident deal closes

Lottery broker and information portal will go public on the Nasdaq exchange after reaching a definitive agreement for a merger with special purpose acquisition company (SPAC) Trident Acquisition Group.

The announcement comes three months after owner AutoLotto and New York-listed Trident signed a binding letter of intent to acquire the broker in November 2020, with the combined group estimated to have a post-business combination enterprise value of approximately $526m.

The two parties said the deal will ensure – which provides official lottery games such as Powerball and Mega Millions and enhanced regulatory capabilities by developing innovative blockchain technology – is well-positioned to accelerate its revenue growth through further expansion in its existing markets and into new high-growth markets both domestically and internationally.

The parties said that will be boosted by a $45m growth fund as soon as the transaction is completed, expected by the end of Q1 2021.

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