Sports Entertainment (NYSE:SEAH) announced in a press release that its shareholders have approved its combination with online sports betting company Super Group in a special meeting held this morning.
The transaction is expected to generate approximately $202.4 million from SEAH trust proceeds, reflecting approximately 55% of the publicly held shares that were submitted for redemption. Super Group has waived the minimum cash condition of $300 million to be satisfied at the closing of the business combination, and SEAH expects all closing conditions to be met. SEAH opened at $8.27 today, but is currently down 1.73% to $7.94 following the meeting.
Sports Entertainment expects to close the deal tomorrow, January, 27. Following closing, the combined company will be known as “Super Group Limited,” and on Friday, January 28, its shares and public warrants are expected to trade on the NYSE under the symbols “SGHC” and “SGHC WS,” respectively.
The parties initially announced their $4.6 billion deal on April 26. UK-based Super Group provides online sports betting through its Betway brand and an online casinos under the Spin brand with 2.5 million monthly active customers.
- 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.