Industry players are on the verge of a merger after shareholders at Sports Entertainment Acquisition Corporation (SEAH) approved a decision to combine with SGHC Limited (Super Group).
With all conditions being met, the business combination is expected to be final later today.
Super Group is then due to begin trading on the New York Stock Exchange tomorrow, January 28, under the ticker ‘SGHC.’
Super Group is a holding company which has in its possession some of the leading titles in the gaming industry. Premier among these are Betway, the online sports betting company, and Spin, a platform that specializes in online casinos.
Among the markets in which Super Group is active are the Americas, Africa and Europe.
After the shareholder vote, it will become a holding in SEAH, a special purpose acquisition company. Following protocol, a Form 8-K (setting forth the full voting results) is due to be filed with the Security and Exchange Commission.
Stemming from the transaction, SEAH trust proceeds will generate about $202.4m. This amounts to 45% of its publicly held shares that have not been submitted for redemption.
Special purpose acquisition companies, more commonly known as SPACs, have become a dynamic force in the industry over the past two years, effecting a number of mergers and acquisitions in that time.
SEAH itself focuses on companies in the sports, entertainment, technology and service sectors. It leverages its expertise in mergers, capital stock exchanges, asset acquisition, stock purchases, and business reorganization to combine with and acquire other companies.
