Super Group Merges with SEAH to Enter New York Stock Exchange

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Super Group (SGHC Limited), the holding company of Betway, merges with Sports Entertainment Acquisition Corp.

Super Group Agreed to Merge With SEAH

Super Group (SGHC Limited), the holding company of leading online sports betting operator Betway, has entered into a definitive agreement with Sports Entertainment Acquisition Corp. (SEAH), a publicly traded special purpose acquisition company, bringing its gaming and online betting group to the US public markets.

As the US sports betting and gaming market grows, Super Group plans and executes its expansion in the US and other global markets. The group continues to roll out its offering and intends to extend its reach in several new licensed territories this year.

Super Group Fearlessly Enters New Markets

With its successful global strategy, and marketing technology and solutions, Super Group fearlessly enters new markets. The holding company has a record of success and proven leadership in key markets worldwide. Super Group has licenses in 23 jurisdictions, excluding the US. According to H2 Capital, the growth could go beyond $100 billion capital by 2025.

Currently, Betway has more than 60 partnerships with brands, teams, and leagues across the world. It has collaborated with some of the world’s leading companies and leagues in the industry.

Super Group CEO Neal Menashe stated that the group established itself globally as a profitable digital gaming company, providing first-class entertainment to the betting and gaming industry across the world.

Transaction Terms of the Agreement

Under the agreement, Super Group will have access to the capital markets to expand into the fast-growing US online sports betting and gaming market. The collaborative efforts will result in a new combined company, which would proceed to list its shares on the New York Stock Exchange (NYSE) market under the ticker symbol “SGHC.” It will operate under the name Super Group.

Menashe stated that by becoming a public company, the group would have the tools to continue its growth and strengthen its marketing strategy. He said that this listing helps the company to capitalize on its growth opportunities, expanding its loyal customer base both in the US and globally.

Super Group and SEAH have agreed to merge their businesses based on a $4.75 billion capital market valuation. In case there would be redemptions shareholders of SEAH, the combination will bring in $450 million of cash to the combined company. Upon completion of the merger, shareholders of Super Group will have approximately 88% stake in the combined company. The new business will have around $200 million in cash at its disposal.

Without selling any of their shares, super Group shareholders of 70% of the stock will have their holdings exchanged for shares of the combined company, following the unanimous approval by the boards of directors of the transaction of the two companies. Subject to other customary closing conditions, the deal, which requires the approval of shareholders of SEAH, is expected to close in the second half of 2021.

Targeting the Fast-Growing Us Market

Digital Gaming Corporation (DGC), the exclusive Betway right holder, agreed to be acquired by Super Group. Besides Betway, with its other deals, DGC has secured market access for online sports betting and gaming in up to an initial 10 US states including Pennsylvania, New Jersey, Colorado, Indiana, and Iowa

SEAH Chairman of the Board of Directors, Eric Grubman, stated: “Super Group’s core DNA is rooted in digital technology, which drives its unparalleled expertise in data and analytics.”

With its strategy to strengthening its position in the US, Betway has recently inked six new partnerships with franchises across the NBA and NHL.

Global gaming operator Betway has inked six new sponsorship agreements with teams across the National Basketball Association (NBA) and National Hockey League (NHL). It has joined collaborative efforts with Brooklyn Nets, Chicago Bulls, LA Clippers, Golden State Warriors, and Cavaliers, and others.

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