(Bloomberg) -- Super Group is to combine with Sports Entertainment Acquisition Corp. to create a New York Stock Exchange-listed global gaming company, according to a statement.
Super Group is the holding company for global online sports betting and gaming businesses Betway, an online sports betting business, and Spin, a multi-brand online casino offering.
Targeting the fast-growing U.S. online sports betting market, Super Group has also entered into an agreement to acquire Digital Gaming Corp., which will give the group access to an initial 10 U.S. states, according to the statement.
Online gambling has surged in popularity, boosted by coronavirus-related lockdowns. In the U.S., the industry is growing following the legalization of sports betting by the Supreme Court in 2018. Online gambling operator 888 Holdings Plc said last month it was looking at ways to tap North American investors, while Ireland-based Flutter Entertainment Plc is considering options including listing in the U.S.
The combined company intends to apply to list its shares on the NYSE. Upon closing of the transaction, the combined company will operate under the name Super Group.
SEAH has agreed to combine with Super Group based on a $4.75 billion pre-money equity valuation.
Shareholders comprising more than 70% of Super Group's equity will not be selling any shares and will roll their entire equity positions into the public company. The boards of directors of Super Group and SEAH have unanimously approved this transaction.
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