Interactive

US – Tekkorp Digital Acquisition Corp launches $250m SPAC

By Lewis - 18 November 2020

Tekkorp Digital Acquisition Corp (TDAC) has announced its $250m initial public offering on the Nasdaq ‘to accelerate the future and develop its mission to unlock the potential of fast-growing digital sports, media, entertainment and gaming companies by bringing speed and certainty to the process of becoming public’.

Leading the company’s $1bn-plus acquisition plans are Matt Davey, CEO, and Robin Chhabra, President, backed up by a board of directors which features former Caesars’ CEO Tony Rodio, Sean Ryan from Facebook, and Atlantic City veteran Morris Bailey.

The management team intends to start an aggressive acquisition drive to identify the sector’s companies whose transformation into public entities will foster growth impact.

Matt Davey is an experienced public company executive officer, who has overseen more than ten mergers and acquisitions and over $1.2bn in debt and equity capital raised to support the companies he has led. Most recently, he was CEO of SG Digital, the digital division of Scientific Games, following a $631m purchase in 2018 by Scientific Games of NYX Gaming Group, where Davey also previously served as CEO.

Matt Davey, Chief Executive Officer, commented: “An acquisition by a blank check company with a management team that is well-known to, and respected by, technology company founders, their current third-party investors, their management teams and the public markets, we believe, can provide a more transparent and efficient mechanism to bring a private technology company to the public markets.”

“We intend to focus our target-sourcing efforts on assessing companies that we believe would benefit significantly from being publicly-traded.”

Chhabra has been front and centre of many M&A deals in the digital gaming marketplace over the past decade, namely when at The Stars Group and William Hill, as well as launching FOX Bet, a media-betting partnership with FOX Sports, as CEO.

Robin Chhabra, President, added: “We look forward to providing attractive investment opportunities to our shareholders which capitalise on trends that fundamentally reshape the way we consume sports, media, gaming and entertainment.”