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(Alliance News) - Apax Global Alpha Ltd said Wednesday that portfolio company Genius Sports Group is to go public in the US through a combination with special purpose acquisition company dMY Technology Group Inc II.
Genius Sports is a portfolio company of Apax IX Fund, in which Apax Global Alpha is a limited partner. Genius is a provider of sports data, content, and technology for sports betting and media.
Genius Sports and dMY Technology II have entered into a definitive business combination agreement which will see the two companies combine.
Shareholders will subsequently be required the exchange their shares for shares in a new combined company, which will be publicly listed on the New York Stock Exchange.
The transaction implies an enterprise value of approximately USD1.5 billion, with Apax IX remaining the largest single shareholder of the combined company.
Apax shares were up 2.5% at 163.00 pence each in London on Wednesday morning. dMY Technology II closed up 3.6% in New York on Tuesday at USD10.26, giving a market capitalisation of USD354.0 million, but was down 0.4% in pre-market trading Wednesday.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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