UK betting firm Genius Sports to go public with $1.5bn US deal
UK sports data firm Genius Sports Group is planning to go public with a listing on the New York Stock Exchange by merging with special purpose acquisition company Dmy Technology.
The deal values the combined group at around $1.5bn.
Genius Sports boss Mark Locke will stay on as chief executive following the transaction. Dmy chairman Harry You and chief executive Niccolo de Masi will join its board of directors.
The boards of both the companies have unanimously approved the transaction, the company said in a statement.
The new company is expected to trade its ordinary shares on the New York Stock Exchange under the symbol “GENI”, upon closing of the deal, the company said.
Genius Sports, which acquires data from sports events and supplies it to sports betting operators, maintains partnerships with over 500 sports organizations globally, including the NBA, NCAA, FIBA, FIFA, English Premier League and NASCAR.
The decision to float in New York rather than in London was made to fuel the company’s expansion in the US and emerging markets, Locke told Morning Wire
“The listing in the US was about us being a global company, with access to those markets,” he said.
Locke added: “London is fantastic, I think it has a great place in the market.”
Genius has chosen to go public through a special purpose acquisition company, rather than a more traditional initial public offering (IPO), which is a longer process, to “maintain focus on the core business”.
Locke said: “This transaction will help us continue to expand and strengthen our position as a nexus of the global sports, betting and media ecosystem.”
De Massi added: “Elemental data provider Genius Sports Group benefits from the growth of all participants in the global sports betting market.
“Marke Locke has pioneered the provision of official rights and live data which have been instrumental in building the modern sports betting market.”