Cooley LLP advised Super Group on the deal while Blank Rome LLP, CMS and Ropes & Gray represented Sports Entertainment Acquisition Corp.
SGHC Limited (“SGHC”, “Super Group” or the “Company”) has entered into a definitive agreement with Sports Entertainment Acquisition Corp. (NYSE: SEAH) (“SEAH”), a publicly traded special purpose acquisition company, to bring its leading global online sports betting and gaming group to the U.S. public markets.
The group’s successful sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling fast and effective entry into new markets, while its proprietary marketing and data analytics engine empowers it to responsibly provide a unique and customized customer experience.
The combination with SEAH will give Super Group access to the capital markets and a strong platform to accelerate its global growth strategy, as well as expansion into the fast-growing U.S. online sports betting and gaming market.
The combined company intends to apply to list its shares on the New York Stock Exchange (“NYSE”) under the new ticker symbol “SGHC”. Upon closing of the transaction, the combined company will operate under the name Super Group.
SEAH has agreed to combine with Super Group based on a $4.75 billion pre-money equity valuation. Assuming no redemptions by SEAH’s shareholders: (i) the transaction will deliver approximately $450 million of cash (currently held in trust) to the combined company; (ii) Super Group’s existing shareholders will hold approximately 88% of the shares in the combined company on closing; and (iii) the group will have approximately $200 million in cash on its balance sheet on closing.
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.
The Cooley team included Justin Stock (Picture), Garth Osterman, Miguel Vega, David Peinsipp, Caitlin Breitenbruck, Russell Anderson, Wilber Barillas, Ann Bevitt, Harry Calkin, Michael Coburn, Amy Collins, Sharon Connaughton, Chris Coulter, Caitlin Courtney, Reshma David, Ross Eberly, Joshua Friedman, Anthony Haji, Paula Holland, Rick Jantz, Natasha Kaye, Claire Keast-Butler, Christopher Kimball, Kevin King, Alexander Lee, Eileen Marshall, Howard Morse, Juan Nascimbene, Aaron Pomeroy, Rebecca Ross, Stella Sarma, Leo Spicer-Phelps, Nicola Squire, Chris Stack, Edward Wang, Carly Weiss, David Wilson, Jessica Winn and Adriana Wirtz.
The Blank Rome team included Dennis M.P. Ehling and Stephen D. Schrier.
The CMS team was led by David Zeffman and included Anna Soilleux-Mills, Tamsin Blow, Laura Bilinski, Laura Cairns, Emily Sheard and Alex Askew.
The Ropes & Gray team that advised Sports Entertainment Acquisition Corp. was led by mergers & acquisitions partners Carl Marcellino (New York) and Rachel Phillips (New York), and private equity associate PJ Sullivan (Boston), and included capital markets partner Paul Tropp (New York), private equity associate Kim Ton-That (New York), tax partners Elaine Murphy (Boston) and Andrew Howard (London), data, privacy & cybersecurity partners Rohan Massey (London) and Edward McNicholas (Washington D.C.), employment, executive compensation & benefits partner Renata Ferrari (Boston) and private equity partners Kiran Sharma and Elizabeth Todd (both of London).
Involved fees earner: Dennis Ehling – Blank Rome LLP; Stephen Schrier – Blank Rome LLP; Laura Bilinski – CMS Cameron McKenna Nabarro Olswang LLP; Tamsin Blow – CMS Cameron McKenna Nabarro Olswang LLP; Laura Cairns – CMS Cameron McKenna Nabarro Olswang LLP; Emily Sheard – CMS Cameron McKenna Nabarro Olswang LLP; Anna Soilleux-Mills – CMS Cameron McKenna Nabarro Olswang LLP; David Zeffman – CMS Cameron McKenna Nabarro Olswang LLP; Russell Anderson – Cooley LLP; Wilber Barillas – Cooley LLP; Ann Bevitt – Cooley LLP; Caitlin Breitenbruck – Cooley LLP; Harry Calkin – Cooley LLP; Michael Coburn – Cooley LLP; Amy Collins – Cooley LLP; Sharon Connaughton – Cooley LLP; Chris Coulter – Cooley LLP; Caitlin Courtney – Cooley LLP; Reshma David – Cooley LLP; Ross Eberly – Cooley LLP; Joshua Friedman – Cooley LLP; Anthony Hajj – Cooley LLP; Paula Holland – Cooley LLP; Rick Jantz – Cooley LLP; Natasha Kaye – Cooley LLP; Claire Keast-Butler – Cooley LLP; Christopher Kimball – Cooley LLP; Kevin King – Cooley LLP; Alexander Lee – Cooley LLP; Adriana Lofaro Wirtz – Cooley LLP; Eileen Marshall – Cooley LLP; Howard Morse – Cooley LLP; Garth Osterman – Cooley LLP; David Peinsipp – Cooley LLP; Aaron Pomeroy – Cooley LLP; Rebecca Ross – Cooley LLP; Stella Sarma – Cooley LLP; Leo Spicer-Phelps – Cooley LLP; Nicola Squire – Cooley LLP; Chris Stack – Cooley LLP; Justin Stock – Cooley LLP; Miguel Vega – Cooley LLP; Edward Wang – Cooley LLP; Carly Weiss – Cooley LLP; David Wilson – Cooley LLP; Jessica Winn – Cooley LLP; Andrew Howard – Ropes & Gray; Carl Marcellino – Ropes & Gray; Rohan Massey – Ropes & Gray; Edward McNicholas – Ropes & Gray; Elaine Murphy – Ropes & Gray; Rachel Phillips – Ropes & Gray; Kiran Sharma – Ropes & Gray; Paul Sullivan – Ropes & Gray; Elizabeth Todd – Ropes & Gray; Kim Ton-That – Ropes & Gray; Paul Tropp – Ropes & Gray;