- Super Group is the holding company for leading global online
sports betting and gaming businesses: Betway, a premier online
sports betting brand, and Spin, a multi-brand online casino
offering
- The group is licensed in 23 jurisdictions throughout Europe,
the Americas and Africa, took in more than $42 billion in wagers in
the 12 months to March 2021 and currently has over 2.5 million
monthly unique active customers
- Targeting the fast-growing U.S. online sports betting and
gaming market, Super Group has also entered into an agreement to
acquire Digital Gaming Corporation (“DGC”) (subject to customary
regulatory closing conditions), which will give the group access to
up to an initial 10 U.S. states, complementing its global growth
strategy
- The group ‒ which will be debt-free and have approximately $200
million in cash on its balance sheet at closing ‒ delivered $1.1
billion in net gaming revenue (NGR) and $259 million EBITDA in 2020
on a pro-forma basis and forecasts:
- NGR of more than $1.5 billion and EBITDA of over $350 million
in 2021
- NGR of more than $1.7 billion and EBITDA of over $420 million
in 2022
- Super Group’s management team brings decades of experience: CEO
Neal Menashe, an industry pioneer, President and COO Richard Hasson
and CFO Alinda van Wyk, collectively bring over 50 years of
experience. Eric Grubman, former executive at the NFL, will become
Chairman of Super Group and John Collins, former executive at the
NHL, the NFL’s Cleveland Browns and the NFL will serve on the Super
Group Board of Directors
SGHC Limited (“SGHC”, “Super Group” or the “Company”) has
entered into a definitive agreement with Sports Entertainment
Acquisition Corp. (NYSE: SEAH) ("SEAH"), a publicly traded special
purpose acquisition company, to bring its leading global online
sports betting and gaming group to the U.S. public markets.
The group’s successful sports betting and online gaming
offerings are underpinned by its scale and leading technology,
enabling fast and effective entry into new markets, while its
proprietary marketing and data analytics engine empowers it to
responsibly provide a unique and customized customer
experience.
The combination with SEAH will give Super Group access to the
capital markets and a strong platform to accelerate its global
growth strategy, as well as expansion into the fast-growing U.S.
online sports betting and gaming market.
Neal Menashe, CEO of Super Group, said: “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.
Becoming a public company will give us the tools to continue to
grow our leading product and technology offering and deliver a
strengthened brand-driven marketing strategy.”
“This listing will position us strongly to capitalize on the
significant global growth opportunities ahead ‒ including in the
U.S. market ‒ enabling us to further expand our robust, loyal and
engaged customer base. In Eric and John, we have found the perfect
partners with expertise across sports, entertainment and public
markets to help us navigate our next phase of growth.”
Eric Grubman, Chairman of the Board of Directors of SEAH, said:
“Super Group is an online gaming and betting powerhouse with a
track record of global growth and a strong balance sheet. Super
Group’s core DNA is rooted in digital technology, which drives its
unparalleled expertise in data and analytics. Neal and Super
Group’s diverse and multi-talented global team have a great
playbook for how to successfully launch and achieve profitable
growth in new markets, and we look forward to partnering closely
with them on this exciting next chapter as a public company.”
Proven Success of Entry into New Markets
Through its tailored marketing, global brand strategy and
technology the group has a proven track record of profitably
entering and building leadership positions in key markets across
the globe. It is licensed in 23 jurisdictions around the world,
excluding the U.S.
Betway currently has more than 60 brand partnerships with many
teams, leagues and sport personalities across the globe. These
include some of the world’s leading sports franchises, such as the
U.S. NBA teams Chicago Bulls, Golden State Warriors, Brooklyn Nets
and LA Clippers; English Premier League football team West Ham
United; and Ninjas in Pyjamas, the Esports team.
Super Group is ideally placed to capitalize on the forecast
growth in the global online betting and gaming market, which is
expected to exceed $100 billion by 2025, according to H2
Capital.
Targeting the fast-growing U.S. market, Super Group has entered
into an agreement to acquire Digital Gaming Corporation (“DGC”),
subject to obtaining customary regulatory approvals. DGC has the
exclusive right to use the Betway brand in the U.S. and has secured
market access for online sports betting and gaming in up to an
initial 10 U.S. states including Pennsylvania, New Jersey,
Colorado, Indiana and Iowa. DGC’s first bet in the U.S. was taken
in March 2021.
Super Group’s U.S. growth plans will be complemented by Eric
Grubman and John Collins who bring with them a wealth of experience
and relationships within the broader U.S. sports and entertainment
ecosystem. In addition, the group will continue the roll out of its
offerings on a global basis including the launch in multiple new
licensed territories in 2021.
Key Transaction Terms
The combined company intends to apply to list its shares on the
New York Stock Exchange (“NYSE”) under the new ticker symbol
“SGHC”. 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. Assuming no redemptions by
SEAH’s shareholders: (i) the transaction will deliver approximately
$450 million of cash (currently held in trust) to the combined
company; (ii) Super Group’s existing shareholders will hold
approximately 88% of the shares in the combined company on closing;
and (iii) the group will have approximately $200 million in cash on
its balance sheet on closing.
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.
The transaction requires the approval of shareholders of SEAH,
is subject to other customary closing conditions and is expected to
close in the second half of 2021.
Investor Presentation Information
Investors may listen to a conference call regarding the proposed
business combination on April 26, 2021, at 8:30 am ET. The call can
be accessed by visiting Super Group’s website at
www.sghc.com/investors.
Investors may also access an investor presentation available on
the Super Group website and filed with the U.S. Securities and
Exchange Commission (the "SEC") as an exhibit to a Current
Report on Form 8-K prior to the call, and available on the SEC
website at www.sec.gov.
Advisors
Oakvale Capital LLP acted as exclusive financial advisor to
Super Group. Goldman Sachs & Co. LLC. and PJT Partners acted as
financial advisors to SEAH. Cooley LLP acted as lead legal advisor
to Super Group. Herzog Fox & Neeman, Saiber LLC and Wiggin LLP
also assisted with legal advice to Super Group. Ropes and Gray
acted as lead legal advisor to SEAH. Blank Rome and CMS also
assisted with legal advice to SEAH.
Notes to Editors:
About SGHC
SGHC (Super Group) is the holding company for leading global
online sports betting and gaming businesses: Betway, a premier
online sports betting brand, and Spin, a multi-brand online casino
offering. The group is licensed in 23 jurisdictions, with leading
positions in key markets throughout Europe, the Americas and
Africa. The group’s successful sports betting and online gaming
offerings are underpinned by its scale and leading technology,
enabling fast and effective entry into new markets. Its proprietary
marketing and data analytics engine empowers it to responsibly
provide a unique and personalized customer experience. For more
information, visit www.sghc.com.
About Sports Entertainment Acquisition Corp.
Sports Entertainment Acquisition Corp. is a special purpose
acquisition company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. SEAH is focused on targets in the sports and
entertainment sectors as well as the technology and services that
are associated with these verticals. Its Class A common stock
trades on the New York Stock Exchange (the "NYSE") under the symbol
"SEAH”. SEAH’s management team is led by Eric Grubman and John
Collins who each have decades of experience identifying, acquiring,
operating and creating value for the owners of leading companies
and entities. For more information, visit
www.sportsentcorp.com.
Additional Information and Where to Find It
This press release relates to a proposed transaction between
Super Group and SEAH. This press release is not a proxy statement
or solicitation of a proxy, consent or authorization with respect
to any securities or in respect of the potential transaction and
shall not constitute an offer to sell or a solicitation of an offer
to buy the securities of Super Group, the combined company or SEAH,
nor shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended. Super
Group (SGHC) Limited intends to file a registration statement on
Form F-4 with the SEC, which will include a document that serves as
a prospectus and proxy statement of SEAH, referred to as a proxy
statement/prospectus. A proxy statement/prospectus will be sent to
all SEAH shareholders. SEAH also will file other documents
regarding the proposed transaction with the SEC. Before making any
voting decision, investors and security holders of SEAH are urged
to read the registration statement, the proxy statement/prospectus
and all other relevant documents filed or that will be filed with
the SEC in connection with the proposed transaction as they become
available because they will contain important information about the
proposed transaction.
Investors and security holders will be able to obtain free
copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by SEAH through the website maintained
by the SEC at www.sec.gov.
Participants in Solicitation
SEAH and its directors and executive officers may be deemed to
be participants in the solicitation of proxies from SEAH’s
shareholders in connection with the proposed transaction. A list of
the names of the directors and executive officers of SEAH and
information regarding their interests in the business combination
is set forth in SEAH’s registration statement on Form S-1
(Registration No. 333-248798) originally filed with the SEC on
September 14, 2020. Additional information regarding the interests
of such persons and other persons who may be deemed participants in
the solicitation will be contained in the registration statement
and the proxy statement/prospectus when available. You may obtain
free copies of these documents as described in the preceding
paragraph.
Forward-Looking Statements
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Certain statements made
in this press release are “forward looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Such
“forward-looking statements” with respect to the proposed
transaction between Super Group and SEAH include statements
regarding the benefits of the transaction and growth of the
combined business.
These forward-looking statements include, but are not limited
to, statements regarding estimates and forecasts of financial and
performance metrics, expectations and timing related to market
entries and expansion, projections of market opportunity and
growth, potential benefits of the transaction and the potential
success of Super Group and SEAH. These forward-looking statements
generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “pipeline,” “may,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result,” and
similar expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties.
Many factors could cause actual future events to differ
materially from the forward-looking statements in this press
release, including but not limited to: (i) the inability of the
parties to successfully or timely consummate the proposed business
combination, including the risk that any required regulatory
approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined
company or the expected benefits of the proposed business
combination or that the approval of the shareholders of Super Group
or SEAH will not be obtained; (ii) the risk that the transaction
may not be completed by SEAH’s business combination deadline and
the potential failure to obtain an extension of the business
combination deadline if sought by SEAH; (iii) the failure to
satisfy the conditions to the consummation of the transaction,
including the adoption of the Business Combination Agreement by the
shareholders of SEAH, the satisfaction of the minimum amount in the
trust account following redemptions by SEAH’s public shareholders
and the receipt of certain governmental and regulatory approvals;
(iv) the lack of a third party valuation in determining whether or
not to pursue the proposed transaction; (v) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the Business Combination Agreement; (vi) the effect
of the announcement or pendency of the transaction on Super Group’s
business relationships, operating results, and business generally;
(vii) risks that the proposed transaction disrupts current plans
and operations of Super Group and potential difficulties in
employee retention as a result of the transaction; (viii) the
outcome of any legal proceedings that may be instituted against
Super Group, SEAH or the combined company related to the Business
Combination Agreement or the proposed transaction; (ix) the ability
to maintain the listing of SEAH’s securities on a national
securities exchange; (x) the price of SEAH’s securities may be
volatile due to a variety of factors, including changes in the
competitive and regulated industries in which SEAH plans to operate
or Super Group operates, variations in operating performance across
competitors, changes in laws and regulations affecting SEAH’s or
Super Group’s business, Super Group’s inability to meet or exceed
its financial projections and changes in the combined capital
structure; (xi) changes in general economic conditions, including
as a result of the COVID-19 pandemic; (xii) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities; (xiii) changes in domestic and
foreign business, market, financial, political and legal
conditions; (xiv) future global, regional or local economic and
market conditions affecting the sports betting and gaming industry;
(xv) changes in existing laws and regulations, or their
interpretation or enforcement, or the regulatory climate with
respect to the sports betting and gaming industry; (xvi) the
ability of Super Group’s customers to deposit funds in order to
participate in Super Group’s gaming products; (xvii) compliance
with regulatory requirements in a particular regulated
jurisdiction, or Super Group’s ability to successfully obtain a
license or permit applied for in a particular regulated
jurisdiction, or maintain, renew or expand existing licenses;
(xviii) the technological solutions Super Group has in place to
block customers in certain jurisdictions, including jurisdictions
where Super Group’s business is illegal, or which are sanctioned by
countries in which Super Group operates from accessing its
offerings; (xix) Super Group’s ability to restrict and manage
betting limits at the individual customer level based on individual
customer profiles and risk level to the enterprise; (xx) the
ability by Super Group’s key executives, certain employees or other
individuals related to the business, including significant
shareholders, to obtain the necessary licenses or comply with
individual regulatory obligations in certain jurisdictions; (xxi)
protection or enforcement of Super Group’s intellectual property
rights, the confidentiality of its trade secrets and confidential
information, or the costs involved in protecting or enforcing Super
Group’s intellectual property rights and confidential information;
(xxii) compliance with applicable data protection and privacy laws
in Super Group’s collection, storage and use, including sharing and
international transfers, of personal data; (xxiii) failures,
errors, defects or disruptions in Super Group’s information
technology and other systems and platforms; (xxiv) Super Group’s
ability to develop new products, services, and solutions, bring
them to market in a timely manner, and make enhancements to its
platform and Super Group’s ability to maintain and grow its market
share, including its ability to enter new markets and acquire and
retain paying customers; (xxv) the success, including win or hold
rates, of existing and future online betting and gaming products;
(xxvi) competition within the broader entertainment industry;
(xxvii) Super Group’s reliance on strategic relationships with land
based casinos, sports teams, event planners, local licensing
partners and advertisers; (xxviii) events or media coverage
relating to, or the popularity of, online betting and gaming
industry; (xxix) trading, liability management and pricing risk
related to Super Group’s participation in the sports betting and
gaming industry; (xxx) accessibility to the services of banks,
credit card issuers and payment processing services providers due
to the nature of Super Group’s business; (xxxi) the ability of
stockholders to exercise redemption rights with respect to a large
number of SEAH’s outstanding shares of common stock; (xxxii) the
regulatory approvals related to Super Group’s contemplated
acquisition of Digital Gaming Corporation (“DGC”) and the
integration of the DGC business; (xxxiii) other risks and
uncertainties indicated from time to time in the final prospectus
of SEAH for its initial public offering and the proxy
statement/prospectus relating to the proposed business combination,
including those under “Risk Factors” therein, and in SEAH’s other
filings with the SEC. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the registration
statement on Form F-4 discussed above, the proxy
statement/prospectus and other documents filed or that may be filed
by SEAH from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Super Group and
SEAH assume no obligation and do not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. Neither Super Group nor
SEAH gives any assurance that either Super Group or SEAH, or the
combined company, will achieve its expectations.
PRIIPs / Prospectus Regulation / IMPORTANT – EEA AND UK
RETAIL INVESTORS
The shares of SEAH and the shares to be issued by Super Group in
the proposed transaction (collectively, the “Shares”) are not
intended to be offered, sold or otherwise made available to and
should not be offered, sold or otherwise made available to any
retail investor in the EEA or in the UK. For these purposes, a
retail investor means a person who is one (or more) of: (i) a
retail client as defined in point (11) of Article 4(1) of MiFID II;
or (ii) a customer within the meaning of Directive (EU) 2016/97,
where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or (iii) not a
qualified investor as defined in Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 (this
Regulation together with any implementing measures in any member
state, the “Prospectus Regulation”). Consequently, no offer of
securities to which this announcement relates, is made to any
person in any Member State of the EEA which applies the Prospectus
Regulation who are not qualified investors for the purposes of the
Prospectus Regulation, is made in the EEA and no key information
document required by Regulation (EU) No. 1286/2014 (as amended the
“PRIIPs Regulation”) for offering or selling the Shares or
otherwise making them available to retail investors in the EEA or
in the United Kingdom will be prepared and therefore offering or
selling the Shares or otherwise making them available to any retail
investor in the EEA or in the United Kingdom may be unlawful under
the PRIIPs Regulation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210425005014/en/
Investor Contacts:
ICR Ashley DeSimone investors@sghc.com (646) 677-1827
Media Contacts:
Finsbury Glover Hering Liz Micci / Kal Goldberg / James Leviton
SuperGroup-Global@fgh.com (646) 805-2849
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