Publicly traded special purpose acquisition business Sports Entertainment Acquisition Corp. (SEAC) has completed its merger with Betway owner Super Group, with shares in the newly combined business set to begin trading today (28 January).
In April last year, SEAC entered a definitive agreement to merge with Super Group, based on a $4.75bn (£3.54bn/€4.26bn) pre-money equity valuation.
The boards of both Super Group and SEAH had unanimously approved this transaction last year, while SEAC shareholders gave the green light to the merger this week, clearing the way for the combination to complete.
Prior to completion, the two businesses applied to list shares in the combined business on the New York Stock Exchange under the new ticker symbol ‘SGHC’, with the new, combined business to operate under the name Super Group.
Following confirmation of completion, ordinary shares and public warrants in the combined business are set to begin trading today under the ticker symbols ‘SGHC’ and ‘SGHC WS’, respectively.
“Today marks a major milestone for our company, our employees and our shareholders,” Super Group chief executive Neal Menashe said. “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.”
SEAC chairman and chief financial officer, Eric Grubman, added: “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.”
