Australia-based betting operator PlayUp has taken a step towards a NASDAQ listing. PlayUp has just announced that it has signed a business combination agreement with IG Acquisition, a publicly-traded special purpose acquisition company, which through a newly established company called Parent will help PlayUp list on the NASDAQ.
PlayUp Is Valued At $350 Million
The deal was approved by the board of directors of both PlayUp and IG Acquisition with a 100% vote in favor. According to the valuation, PlayUp is worth $350 million.
The transaction is scheduled to be finalized in the first quarter of 2023, however, it must be first approved by the shareholders of both PlayUp and IG Acquisition. Regulatory approvals must also be obtained from the jurisdictions where the companies are registered.
Following the finalization of the transaction, PlayUp’s current CEO Daniel Simic is going to become the CEO of Parent. IG Acquisition chairman Bradley Tusk will also join Parent as its board of directors chairman, while IG Acquisition CEO Christian Goode will become the company’s president of US operations.
Additionally, Parent itself is going to sign an equity purchase agreement with Yorkville Advisors Global’s fund YA II PN in order to have access to further liquidity of $70 million following the completion of the merger deal between PlayUp and IG Acquisition.
PlayUp currently has online gambling licenses for various countries across the globe, including Australia, New Zealand, India, and a few of the US states where online gambling is legalized. The company has committed to plans for an aggressive expansion in the US market and other jurisdictions around the world.
PlayUp offers a variety of games through its own proprietary platform and intends to invest in and expand into innovative gaming products, which include new technologies such as augmented and virtual reality.
Why Did IG Acquisitions Choose PlayUp for a Partner?
IG Acquisition chairman Bradley Tusk has explained why the company chose PlayUp for a merger: “We are excited about this transaction because we believe PlayUp is the closest to achieving our shared vision for the future of online betting – a platform that offers consumers any type of digital betting they want, from one app and one digital wallet, anywhere in the world where it’s legal.”
IG Acquisition has searched for a merger partner for nearly two years and what made PlayUp stand out is its long-term potential. What IG Acquisition sees as a major advantage of PlayUp is that it offers a wide range of gaming options, everything from sports betting to online casino games and daily fantasy contests.
IG Acquisition CEO Christian Goode has highlighted that there is no other gaming platform on the global market that offers such a wide range of betting products in one place together with a single digital wallet.