Shareholders at special purpose acquisition business Sports Entertainment Acquisition Corp. (SEAC) have approved the proposed merger with Betway owner Super Group, with the business combination set to complete today (27 January).
SEAC entered into a definitive agreement to merge with Super Group in April of last year, based on a $4.75bn (£3.54bn/€4.23bn) pre-money equity valuation.
The two businesses applied to list shares on the New York Stock Exchange under the new ticker symbol ‘SGHC’, with the new, combined business to operate under the name Super Group.
The boards of both Super Group and SEAH had unanimously approved this transaction, with approval from SEAC shareholders clearing the way for the combination to complete.
Super Group chose to waive the minimum cash condition to be satisfied at the closing of the combination, while SEAH said it expected all other closing conditions to be met.
As such, both SEAC and Super Group expect the merger to close later today, with ordinary shares and public warrants to begin trading on the New York Stock Exchange under the symbols ‘SGHC’ and ‘SGHC WS’, respectively, tomorrow (28 January).
The transaction is expected to generate approximately $202.4m from SEAH trust proceeds, reflecting approximately 45% of the publicly held shares that were not submitted for redemption.
It was originally stated that the transaction would deliver approximately $450m of cash to the combined business, with Super Group’s existing shareholders holding approximately 88% of shares in the business and the new-look group to having approximately $200m in cash upon closing.
“We have established our group as a truly global, scaled and profitable digital gaming business, delivering on our vision to bring first-class entertainment to the worldwide betting and gaming community,” Super Group chief executive Neal Menashe said at the time of the original announcement last year.
“Becoming a public company will give us the tools to continue to grow our leading product and technology offering and deliver a strengthened brand-driven marketing strategy.”
