Super Group, SPAC Set Date to Vote on Merger
Sports Entertainment Acquisition Corp. (NYSE:SEAH), the special intent acquisition society (SPAC) merging with Betway parent Super Group, and the gaming companion set Jan. 26 as the day of the month for investors to voting on unity of the most widely anticipated blank-check transactions inward the gaming industry.
Last week, SGHC Ltd., the parent of Betway and online casino Spin, said its enrollment statement on Form F-4 with the Securities and Exchange Commission (SEC) is at present effective, paving the way for a shareholder voter turnout to consummate the merger.
Sports Entertainment Acquisition also announced a get together particular date and time of Jan 26, 2022 at 10:00 AM ET for its shareholders’ get together (the ‘Special Meeting’) to sanction the Business Combination. Shareholders of register as of the shut of business organisation on Dec 30, 2021 (the ‘Record Date’) will be entitled to vote at the Special Meeting,” according to a statement.
When the transaction closes, the newly public gaming society testament craft on the New House of York Stock Exchange under the stock ticker “SGHC.”
Deal Finally on Track to Close
Super Group and Sports Entertainment Acquisition proclaimed merger plans lowest April and it was expected that the transaction, which initially carried a pre-equity valuation of $4.75 billion, would fill up inwards the quaternary quarter of 2021.
Regardless of industry, it’s not uncommon for SPAC mergers to get behind out longer-than-expected. Some fall through, but that doesn’t seem to live the vitrine with Super Group. Following gag rule of the sell with Sports Entertainment, Super Group testament have $200 meg in hard currency on its equilibrize piece of paper and no more debt.
While Super Group is coming to marketplace at a clip of waning enthusiasm for gaming SPAC deals, it has at to the lowest degree one favorable trait to hang its chapeau on and potentially lure investors. The company is profitable — a tenuity among pure-play online sportsbook operators.
Malta-based Betway has to a greater extent than 60 firebrand agreements with athletes, leagues, and teams around the world. In the US, such accords include the NBA’s Brooklyn Nets, Windy City Bulls, Golden State Warriors, and the Los Angeles Clippers.
“Sports Entertainment Acquisition Corp. recommends all stockholders ballot “FOR” ALL PROPOSALS in go on of the special meeting,” according to the statement.
Strong Outlook for Super Group
When the SPAC merger was announced lowest Apr Super Group orecast 2021 Earnings Before Interest Taxes Depreciation and Amortization of $350 gazillion on network gaming revenue of $1.5 billion. Through the first-class honours degree half of 2021, the manipulator was on stride to hitting or eclipse that top of the inning rail line gauge after posting sales of $762.6 million in the foremost vi months of the year.
While the Super Group and Betway brands aren’t yet familiar to bettors in the US, the parent fellowship acquired Digital Gaming Corporation (DGC) lastly year. That business deal provides it with a footprint in the world’s fastest-growing sports wagering market.
DGC has access code in 10 states, including Pennsylvania, New Jersey, Colorado, Indiana, and Iowa, which are among the most rapidly growing sports betting markets in the country.