CMS advises Sports Entertainment Acquisition Corp on combination with Super Group

International law firm CMS has advised Sports Entertainment Acquisition Corp, a publicly traded special purpose acquisition company, on its agreement to combine with SGHC Ltd. (Super Group), the parent company of leading global online sports betting and gaming businesses Betway and Spin. 

The combination 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 and, upon closing, will operate under the name ‘Super Group’. Sports Entertainment Acquisition agreed to the merger based on a $4.75 billion pre-money equity valuation for Super Group, which is licensed in 23 jurisdictions throughout Europe, the Americas, and Africa.

The transaction requires the approval of Sports Entertainment Acquisition’s shareholders and is subject to other customary closing conditions. The deal is expected to close in the second half of 2021.

CMS advised Sports Entertainment Acquisition on the gambling regulatory aspects of the deal in over 30 jurisdictions throughout the world apart from North America where Blank Rome advised. Ropes & Gray were the lead lawyers on the transaction. 

David Zeffman, Head of Gambling and Sport at CMS, comments: “We are delighted to support Sports Entertainment Acquisition on this exciting partnership. In an industry that’s in a constant state of change, a deal of this scale requires market-leading advisers with a global footprint to help clients navigate the terrain. CMS has extensive experience providing strategic, commercial and regulatory advice to clients in the gambling sector. Our deep sector knowledge enables us to help clients optimise opportunities within the shifting landscape.” 

The CMS team was led by David Zeffman and included Anna Soilleux-Mills, Tamsin Blow, Laura Bilinski, Laura Cairns, Emily Sheard and Alex Askew.