SPORTS BETTING
US – Betway’s Super Group merges with SPAC for NYSE listing
By Lewis - 27 January 2022
Sports Entertainment Acquisition Corp. (SEAH), a special purpose acquisition company, has announced that SEAH’s shareholders have voted to approve its proposed business combination with SGHC Limited (Super Group), the holding company for online sports betting and gaming businesses, Betway and Spin. A Form 8-K disclosing the full voting results is expected to be filed with the Security and Exchange Commission.
Super Group has waived the minimum cash condition to be satisfied at the closing of the Business Combination, and SEAH expects all closing conditions to be met. The transaction is expected to generate approximately $202.4 million from SEAH trust proceeds, reflecting approximately 45 per cent of the publicly held shares that were not submitted for redemption.
The closing of the Business Combination is expected to occur today, January 27, 2022. Following closing, the combined company will be known as “Super Group (SGHC) Limited,” and on Friday, January 28, 2022, its ordinary shares and public warrants are expected to trade on the New York Stock Exchange under the symbols SGHC and SGHC WS, respectively.
