Pegasus Entrepreneurs announces EUR 7.2 billion business combination with FL Entertainment
12 May 2022
Pegasus Entrepreneurs, a Euronext Amsterdam listed SPAC, announces a business combination with FL Entertainment, a global leader in independent content production and the fastest-growing online sports betting platform in Europe.The proposed transaction will result in the largest European business combination by a European-listed SPAC to date to date: FL Entertainment will list on Euronext Amsterdam with an initial EUR 7.2 billion enterprise value.
FL Entertainment is controlled by Financière Lov and combines two businesses in digital entertainment market segments: Banijay Group and Betclic Everest Group. Banijay is the world’s largest independent content production company, operating over 120 production companies across 22 countries. Betclic is the fastest-growing sports betting platform in Europe and has built market-leading positions across geographies, including France, Portugal, Italy and Poland. FL Entertainment generated revenues of EUR 3.5 billion and adjusted EBITDA of EUR 609 million for the year ended 31 December 2021. Fimalac, a minority shareholder of the Banijay Group, will hold 7% of FL Entertainment following completion of the transaction due to an equity roll-over. In addition, Financière Lov is expected to hold 46%, while the initial free float is expected to represent 10% of FL Entertainment (EUR 400 million).
Fimalac group is entirely owned by Marc Ladreit de Lacharrière and operates in five business areas: private equity, digital division, entertainment division, leisure activities and hotels, and the real estate sector.
Houthoff advised Fimalac, together with Brandford Griffith concerning the business combination between Pegasus Entrepreneurs and FL Entertainment. The team included Jetty Tukker and Jasmijn Harms.