Betway owner Super Group has agreed a $4.75 billion (£3.4 billion/€3.9 billion) merger deal with Delaware-incorporated special-purpose acquisition company Sports Entertainment Acquisition Corporation (SEAC).
The deal will create a new company, operating as Super Group, with shares listed as SGHC on the New York Stock Exchange.
Super Group has also entered into an agreement to acquire Digital Gaming Corporation (DGC), which holds the exclusive right to use the Betway brand in the US.
Former National Football League (NFL) executives Eric Grubman and John Collins have been appointed to lead the firm’s expansion in the US.
The combined group is expected to generate net gaming revenue of $1.5bn and more than $350m in earnings before interest, tax, depreciation and amortisation in 2021. This has been forecast to increase to $1.7bn, with $420m in profits, in 2022.
Super Group has confirmed it intends to retain the Betway brand identity. Super Group also owns a multi-brand online casino business called Spin.
The transaction is understood to have been unanimously approved by both companies but remains subject to the approval by SEAC shareholders. It is anticipated that the merger will complete in the latter half of this year.
Super Group’s current shareholders will take around 88 per cent of shares in the combined company.
Super Group chief executive Neal Menashe said: “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.”
Grubman added: “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.”