Report: Sportradar Reaches $10 Billion SPAC Deal to go Public
Sportradar, the Swiss gambling data company, has reached a deal with a SPAC — Horizon Acquisition Corp. II — that would allow it become publicly traded, according to published reports over the weekend. The special purpose acquisition company is headed by Los Angeles Dodgers co-owner Todd Boehly.
The deal is reportedly for $10 billion, according to Sportico, a website that covers sports industry news. Neither company has commented on the agreement nor confirmed it.
A SPAC, also known as a blank check company, has no goods or services of its own but is armed with cash and is listed as a publicly traded company. SPACs seek out private companies with the goal of taking them public as a result of the business combination.
Being public allows the previously privately owned company to generate substantial cash for business expansion. Horizon Acquisition II is listed on the NYSE.
SPACs have become more common over the last year, especially in the online gaming, gambling, hospitality and digital entertainment industries. Over the last year, gaming companies such as DraftKings, Rush Street Interactive, Genius Sports Group and Golden Nugget Online all became publicly traded in SPAC deals.
More About Sportradar
Sportradar describes itself as “the leading global provider of sports data intelligence.” It has partnerships with more than 1,000 companies in over 80 countries including the NFL, NBA, NFL, NHL, MLB and NASCAR as well as FIFA and UEFA.
As a large part of its operations, Sportradar disseminates the sports data that allows bookmakers to settle wagers, making the company an essential player in the fast-growing (and fast-moving) sports wagering ecosystem.
It also provides analysis and intelligence to help protect the integrity of sports events. Sportradar has an impressive list of U.S. sports-related backers and associates including Revolution Growth (Ted Leonsis, owner Washington Wizards, Washington Capitals), former basketball star and Charlotte Hornets principal owner Michael Jordan and Dallas Mavericks owner Mark Cuban, among others.
Speculation regarding Sportradar’s valuation in a SPAC business combination had put the figure between $10 billion and $12 billion.
Late in 2020, Horizon Acquisition II raised $525 million in a public offering and said at the time that it would seek a target business operating in media and entertainment.
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