27 May 2022
Business combination between FL Entertainment Group and Pegasus Entrepreneurs
De Brauw advises SBM in announced business combination between FL Entertainment Group and Pegasus Entrepreneurs
FL Entertainment Group is one of the world’s leading independent producers and distributors of television programs and offers a fast-growing online sports gaming platform, respectively through its businesses Banijay and Betclic. Pegasus Entrepreneurs is a special purpose acquisition vehicle (“SPAC”) listed on Euronext Amsterdam. The business combination agreement provides that FL Entertainment Group will become a listed company and with an initial pro forma enterprise value of EUR 7.2 billion, is the largest announced business combination by a European listed SPAC to date.
Société Anonyme des Bains de Mer (“SBM”) is currently a major shareholder of Betclic and will become a minority shareholder of FL Entertainment upon completion of the business combination.
De Brauw advises SBM together with Bredin Prat, a member of the Best Friends Network. The De Brauw team comprises Klaas de Vries, Gaby Smeenk, Casper Nagtegaal and Patrick van Rutten.
