- Sportradar and SPAC have signed the letter of intent to become a publicly-traded company.
- This is a $10 billion deal with Horizon Acquisition Corp. II.
- No date has been stated for when the deal will be finalized.
ST. GALLEN, Switzerland – Popular sports technology company Sportradar has come together with SPAC in a deal with Horizon Acquisition Corp. II to go public.
The deal is worth an estimated $10 billion and will see additional investors as part of a PIPE, or private investment in public equity.
The letter of intent has been signed by both Sportradar and SPAC heads. Should the deal be approved, this will be one of the largest SPAC evaluations as well as the largest sports-related deals.
Sportradar Going Public
Sportradar has made a name for itself providing data for legal sports betting properties across the country. Now the sports technology firm is looking to take the next step in the company’s life.
Carsten Koerl, CEO and Founder of Sportradar will remain as the company’s CEO should they go public.
Both Koerl and Todd Boehly, head of SPAC have signed the letter of intent and are currently in the waiting phase. Before the company can go public the deal must be approved by the Government.
“Sportradar and the SPAC led by Los Angeles Dodgers minority owner and former Guggenheim president Todd Boehly have a signed letter of intent in place,” said a source close to the deal.
As details of the negotiations have remained private, there is no telling how far along the company is to actually close the deal, or any details surrounding the investments.
Horizon Acquisition did raise $525 million in 2020, around the time the initial rumors of Sportradar going public began circulating.
States with legal sports betting have seen Sportradar’s data on a multitude of regulated sportsbooks including DraftKings and FanDuel.
Sportradar is a well-established product, with a current value of $2.4 billion prior to the deal. This is another example of how profitable the business side of legal sports betting has become.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.