Cooley is advising Super Group, a holding company for global online sports betting and gaming business Betway, on its agreement to merge with a special purpose acquisition company and create a new entity that will be listed on the New York Stock Exchange.
Boston-based Ropes and Gray is advising the SPAC, Sports Entertainment Acquisition Corp., which is also getting advice from Philadelphia-based Blank Rome and London-based CMS.
Israeli law firm Herzog Fox & Neeman, New Jersey firm Saiber LLC, and London-based Wiggin LLP also advised Super Group, according to a statement.
Upon closing, expected in the second half of the year, the combined company will operate under the name Super Group and apply to list its shares on the NYSE under the new ticker symbol “SGHC.”
According to the statement, Sports Entertainment Acquisition agreed to the merger based on a $4.75 billion pre-money equity valuation for Super Group, which is licensed in 23 jurisdictions throughout Europe, the Americas, and Africa.
Super Group, which also owns Spin, a multi-brand online casino offering, also agreed to acquire Digital Gaming Corp. That acquisition will give it access to an initial 10 states in the fast-growing U.S. online sports betting market, according to the statement.
“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,” said Neal Menashe, CEO of Super Group.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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