International law firm CMS has advised Sports Entertainment Acquisition Corp, a special purpose acquisition company, on its agreement to combine with Super Group, the parent company of global online sports betting and gaming businesses Betway and Spin.
The combination will give Super Group access to the capital markets and a strong platform to accelerate its global growth strategy, as well as expansion into the fast-growing US online sports betting and gaming market.
The combined company intends to apply to list its shares on the New York Stock Exchange and, upon closing, will operate under the name Super Group.
Sports Entertainment Acquisition agreed to the merger based on a $4.75bn pre-money equity valuation for Super Group, which is licensed in 23 jurisdictions throughout Europe, the Americas and Africa.
The transaction requires the approval of Sports Entertainment Acquisition’s shareholders and is subject to other customary closing conditions. The deal is expected to close in the second half of 2021.
CMS advised Sports Entertainment Acquisition on the gambling regulatory aspects of the deal in over 30 jurisdictions throughout the world apart from North America where Blank Rome advised. Ropes & Gray were the lead lawyers on the transaction.
