{"id":1553766,"date":"2022-01-16T23:31:30","date_gmt":"2022-01-17T04:31:30","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=198180"},"modified":"2022-01-16T23:31:30","modified_gmt":"2022-01-17T04:31:30","slug":"super-group-spac-set-date-to-vote-on-merger","status":"publish","type":"station","link":"https:\/\/platogaming.com\/plato-data\/super-group-spac-set-date-to-vote-on-merger\/","title":{"rendered":"Super Group, SPAC Set Date to Vote on Merger"},"content":{"rendered":"\n<p>Sports Entertainment Acquisition Corp. (NYSE:SEAH), the special purpose acquisition company (SPAC) merging with Betway parent Super Group, and the gaming company set Jan. 26 as the date for investors to vote on one of the most widely anticipated blank-check transactions in the gaming industry.<\/p>\n<figure id=\"attachment_198181\" aria-describedby=\"caption-attachment-198181\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-198181 lazyload\" src=\"https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger.jpg\" data-src=\"https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger.jpg\" alt=\"Super Group\" width=\"1200\" height=\"675\" data-srcset=\"https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger.jpg 142w, https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger-1.jpg 1024w, https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger-2.jpg 768w, https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger-3.jpg 1320w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/> <noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-198181\" src=\"https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger.jpg\" alt=\"Super Group\" width=\"1200\" height=\"675\" srcset=\"https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger.jpg 142w, https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger-1.jpg 1024w, https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger-2.jpg 768w, https:\/\/platogaming.com\/wp-content\/uploads\/2022\/01\/super-group-spac-set-date-to-vote-on-merger-3.jpg 1320w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/noscript><figcaption id=\"caption-attachment-198181\"class=\"text-description\">The New York Stock Exchange. Super Group shares could soon be trading there. (Image: <em>MarketWatch<\/em>)<\/figcaption><\/figure>\n<p>Last week, SGHC Ltd., the parent of Betway and online casino Spin, said its registration statement on Form F-4 with the Securities and Exchange Commission (SEC) is now effective, paving the way for a shareholder vote to consummate the merger.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>Sports Entertainment Acquisition also announced a meeting date and time of January 26, 2022 at 10:00 AM ET for its shareholders\u2019 meeting (the &#8216;Special Meeting&#8217;) to approve the Business Combination. Shareholders of record as of the close of business on December 30, 2021 (the &#8216;Record Date&#8217;) will be entitled to vote at the Special Meeting,\u201d according to a statement.<\/p>\n<\/blockquote>\n<p>When the transaction closes, the newly public gaming company will trade on the New York Stock Exchange under the ticker \u201cSGHC.\u201d<\/p>\n<h2>Deal Finally on Track to Close<\/h2>\n<p>Super Group and Sports Entertainment Acquisition announced merger plans last April and it was expected that the transaction, which initially carried <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.casino.org\/news\/super-group-eyes-nyse-listing-in-sports-entertainment-spac-deal\/\">a pre-equity valuation of $4.75 billion<\/a>, would close in the fourth quarter of 2021.<\/p>\n<div class=\"callout\">\n<p>Regardless of industry, it&#8217;s not uncommon for SPAC mergers to drag out longer-than-expected. Some <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.casino.org\/news\/fertitta-spac-fast-acquisition-end-8-6-billion-merger-talks\/\">fall through<\/a>, but that doesn&#8217;t appear to be the case with Super Group. Following closure of the deal with Sports Entertainment, Super Group will have $200 million in cash on its balance sheet and no debt.<\/p>\n<\/div>\n<p>While Super Group is coming to market at a time of waning enthusiasm for gaming SPAC deals, it has at least one favorable trait to hang its hat on and potentially lure investors. The company is profitable \u2014 a rarity among pure-play online sportsbook operators.<\/p>\n<p><strong>Malta-based Betway has more than 60 brand agreements with athletes, leagues, and teams around the world. In the US, such accords include the NBA\u2019s Brooklyn Nets, Chicago Bulls, Golden State Warriors, and the Los Angeles Clippers.<\/strong><\/p>\n<p>\u201cSports Entertainment Acquisition Corp. recommends all stockholders vote &#8220;FOR&#8221; ALL PROPOSALS in advance of the special meeting,\u201d according to the statement.<\/p>\n<h2>Strong Outlook for Super Group<\/h2>\n<p>When the SPAC merger was announced last April Super Group orecast 2021 EBITDA of $350 million on net gaming revenue of $1.5 billion. Through the first half of 2021, the operator was on pace to hit or eclipse that top line estimate <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.casino.org\/news\/super-group-posts-762-6-million-in-first-half-sales-expects-spac-deal-to-close-in-q4\/\">after posting sales of $762.6 million<\/a> in the first six months of the year.<\/p>\n<p>While the Super Group and Betway brands aren&#8217;t yet familiar to bettors in the US, the parent company acquired Digital Gaming Corporation (DGC) last year. That deal provides it with a footprint in the world&#8217;s fastest-growing sports wagering market.<\/p>\n<p><strong>DGC has access in 10 states, including Pennsylvania, New Jersey, Colorado, Indiana, and Iowa, which are among the most rapidly growing sports betting markets in the country.<\/strong><\/p>\n<p>The post <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.casino.org\/news\/super-group-is-close-to-completing-its-merger-with-a-spac\/\">Super Group, SPAC Set Date to Vote on Merger<\/a> appeared first on <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.casino.org\/news\">Casino.org<\/a>.<\/p>\n<p> <a rel=\"noopener\" target=\"_blank\" href=\"https:\/\/www.casino.org\/news\/super-group-is-close-to-completing-its-merger-with-a-spac\/\">Source: https:\/\/www.casino.org\/news\/super-group-is-close-to-completing-its-merger-with-a-spac\/<\/a><\/p>\n","protected":false},"author":1,"featured_media":1553767,"template":"","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[]},"genre":[102],"artist":[106],"mood":[],"activity":[],"station_tag":[12554,12278,5446,6373,8230,3620,5253,5210,5448,3705,6444,5451,3788,5452,5453,7371,3739,5588,3792,5387,7373,8820,5560,3857,3631,3632,6322,3799,3635,6323,3801,5832,5730,10869,3879,5216,3638,5463,9975,5608,177,6304,5406,3819,3643,3715,3716,5411,5469,6328,7003,3646,3753,8070,3652,5536,3829,3831,12550,5421,5571,5737,7382,6334,3755,5478,5480,7698,5427,9976,6308,5435,8305,3836,3675,3837,6137,6138,10704,3678,6019,6020,3841,6383,5635,5493,5494,5229,5443,5444,6141,3690,5231,12552,3692,3783,5967,6384,6479,5857,6313,3732,7503,8142,11803,5640,3764,5279],"_links":{"self":[{"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/station\/1553766"}],"collection":[{"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/media\/1553767"}],"wp:attachment":[{"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/media?parent=1553766"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/genre?post=1553766"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/artist?post=1553766"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/mood?post=1553766"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/activity?post=1553766"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platogaming.com\/wp-json\/wp\/v2\/station_tag?post=1553766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}