Monte-Carlo SBM International S.à.rl (SBM) has transferred its entire 47.3% stake in French online gambling business Betclic Everest to newly created media and betting business FL Entertainment, as FL prepares to go public.
The news follows a press release on 11 May announcing the creation of the new entity, FL Entertainment, as part of a special-purpose acquisition company (SPAC) merger.
FL Entertainment will itself soon combine with Pegasus Entrepreneurial Acquisition Company Europe, which is already listed on Euronext Amsterdam.
FL will be made up of Betclic Everest and television production company Banijay, which will make up the majority of the business by revenue.
The new company is predicted to have an enterprise value of €7.2bn (£6.2bn/$7.5bn), as well as generate revenue of €3.5bn and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of €609m.
SBM will have an interest in new company, holding 4.95% of the voting rights and 10.39% of the effect..