Genius Sports Group Limited, one of the most prominent providers of sports betting technology and sportsbook data has filed for the creation of Galileo NewCo Ltd, a new holding entity that will help it with becoming a publicly-traded company on the New York Stock Exchange (NYSE). Genius Sports filed an IPO registration statement on Form F-4 with the United States Security and Exchange Commission (SEC) as it prepares to merge with dMY Technology Group, Inc. II, a special purpose acquisition company (SPAC) which is already trading on the NYSE.
On top of sports content Genius Sports is also known for providing tech for betting-related media ecosystem, and integrity solutions, with its service area spanning across more than 150 countries globally. The company drives its digital transformation agenda in the sports industry by capturing, management and distributing live data and video to bring fans closer to the sports they enjoy most. To date, Genius is trusted by more than 500 sports organizations worldwide including the most eminent sports leagues and federations including the likes of PGA Tour, AFA, NASCAR, NCAA, FIBA, NBA, PLL, and the Premier League.
Per the filing, the sports betting technology company will use the SPAC as a vehicle to get itself listed on the NYSE, after which the merged company is going to operate under Galileo NewCo name and use the “GENI” ticker symbol to trade on the NYSE. The shareholders of both companies gave the merger a thumbs up in a unanimous vote and when Galileo NewCo starts trading publicly, the dMY II SPAC will operate as a subsidiary of NewCo.
The Ball is Already Rolling on the $1.5 Billion Deal
This merger deal between Genius and dMY II was agreed upon last October in an arrangement estimated to be worth 1.5 billion after the company’s debut on the NYSE. Per the latest filing with the SEC, Genius Sports confirmed that it expects to generate a revenue of about $145 million with $14 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBTIDA) for the 2020 calendar year even with the impact of the pandemic.
Upon the SEC filing, Mark Locke, the Co-Founder, and CEO of Genius Sports Group Ltd voiced his confidence in the momentum of the NYSE plan despite the Covid-19 crisis as follows;
Quote“Amidst a global pandemic, we have made great progress in 2020 and are on track for sustained strong performance in 2021. Looking ahead, our anticipated merger with dMY II and NYSE listing will strengthen our position as a true partner to sports leagues, sportsbooks, and media groups worldwide.”
If the name dMY Technology rings a bell, then your memory serves you right as it is the SPAC merged with Rush Street Interactive last year to slingshot it to making a debut on the NYSE. The founders of the first dMY Technology Group SPAC, Niccolo de Masi and Harry You are the same duo that founded dMY II to target another merger with a company in the gaming industry for public listing. For the second SPAC, Genius Sports became the lucky winner!
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