Betway owner Super Group set for US listing with $4.75bn SEAC merger
Under the arrangement, Super Group will combine with SEAC and apply to list shares on the New York Stock Exchange under the new ticker symbol ‘SGHC’, with the new business to operate under the name Super Group.
SEAH agreed to combine with Super Group, which also owns the Spin multi-brand online casino business, based on a $4.75bn (£3.42bn/€3.92bn) pre-money equity valuation.
Assuming there are no redemptions by SEAH shareholders, the transaction will deliver approximately $450m of cash to the combined business, while Super Group’s existing shareholders will hold approximately 88% of shares in the combined company, with the new-look group to have approximately $200m in cash upon closing.
The agreement also stated that shareholders comprising more than 70% of Super Group’s equity will not sell any shares and instead roll their equity positions into the new, public company.