Super Group, the parent company of online bookmaker Betway, is closing in on a deal to go public at a valuation of around $5.1bn (£3.7bn).
The firm has entered into a definitive agreement with Sports Entertainment Acquisition Corp., a publicly traded special purpose acquisition company, to bring its online sports betting and gaming group to the US market.
The merger comes as Betway has reportedly agreed to acquire Digital Gaming Corporation, giving the group access to an initial ten US states.
“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,” said Super Group CEO Neal Menashe.
“This listing will position us strongly to capitalize on the significant global growth opportunities ahead ‒ including in the US market ‒ enabling us to further expand our robust, loyal and engaged customer base.”
Sports Entertainment executive chairman Eric Grubman will become chairman of Super Group, while Sports Entertainment CEO John Collins will join Super Group’s board, with shareholders accounting for more than two-thirds of Super Group’s equity to maintain their stakes under the deal.
Grubman commented: “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.
“Neal and Super Group’s diverse and multi-talented global team have a great playbook for how to successfully launch and achieve profitable growth in new markets, and we look forward to partnering closely with them on this exciting next chapter as a public company.”