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iGaming veterans’ SPAC targets major M&A after $250m Nasdaq listing

| By Robin Harrison
A special purpose acquisition company (SPAC) formed by a host of leading igaming and social media executives, begins trading on the Nasdaq Capital Market today (22 October), as it hunts for major M&A opportunities. 
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Tekkorp Digital Acquisition Corporation will make its Nasdaq debut after an initial public offering that saw it offer 25m units – comprising one Class A share and half a redeemable warrant – priced at $10 apiece. 

Each warrant allows the holder to purchase a Class A ordinary share at a price of $11.50 per share, with only full warrants – ie, two units – eligible for conversion into shares. 

More specifically, it will look for potential acquisition opportunities, specifically targeting deals for private businesses in the digital media, sports, entertainment, leisure and gaming industries with an enterprise value of between $1bn and $2bn.

“We believe the digital media, sports, entertainment, leisure and gaming industries possess attractive opportunities given the secular consumer shift from physical/analog products to digital/online offerings and the industries’ existing consumer demand,” Tekkorp explained in an Securities and Exchange Commission (SEC) filing. 

It explains that by targeting businesses of this scale, in order to ensure long-term returns to shareholders, and with “proven and accomplished” management teams. This, the SEC filling noted, could be supported by bolt-on acquisitions further down the line. 

The business is led by NYX Gaming Group founder Matt Davey, who serves as its chief executive.  alongside former William Hill and Stars Group executive Robin Chhabra as president. The core management team is rounded out by chief financial officer Eric Matejevich, a veteran of NYX and Atlantic City properties Ocean Casino Resort and Resorts International.

Its board will be led by Morris Bailey, an entrepreneur credited with helping return Atlantic City to prosperity. As owner of Resorts, he was also something of a pioneer for online betting and gaming, having signed market access deals with The Stars Group and DraftKings for New Jersey.

Tekkorp has also nominated a number of high-profile directors, including former Caesars Entertainment Corporation CEO Tony Rodio; Facebook’s Sean Ryan; Resorts owner Morris Bailey; former Stars chief legal officer Marlon Goldstein and Tom Roche,  lead partner on Wynn Resorts’ 2002 IPO.

Read the full story on iGB North America.

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