Online Betting Startup PlayUp To Go Public Via $350M SPAC Merger With IG Acquisition
- Global online betting operator PlayUp Limited looks to go public via a special purpose acquisition company (SPAC) merger with IG Acquisition Corp (NASDAQ: IGAC).
- PlayUp will list on the NASDAQ via a newly-formed Irish company.
- The transaction values PlayUp at $350 million.
- The transaction will likely close in the first quarter of 2023.
- Founded in 2014, PlayUp is a global sport, entertainment, and betting operator that develops its proprietary technology to power its brand and offering.
- IGAC believes PlayUp can build the first fully integrated technology platform where consumers can engage in broad forms of betting across platforms via one account, one digital wallet.
- PlayUp’s gross revenue has grown 56% Y/Y in FY22.
- Daniel Simic will retain the title of Global CEO of the combined company.
- IGAC Chair Bradley Tusk will become Chair of the combined company’s board.
- IGAC CEO Christian Goode will serve as President of PlayUp’s U.S. business.
- Price Action: IGAC shares traded higher by 0.1% at $10.01 in the premarket on the last check Thursday.
- Photo via Company
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