The deal will see Banijay chairman Stephane Courbit take the company, as well as online sports gambling group Betclic, public through FL Entertainment. The deal is being backed by investors including Bernard Arnault and Vincent Bolloré.
FL Entertainment Group will have an enterprise value of €7.2B, or €4.1B in equity value. The shares will begin trading on Euronext in Amsterdam on July 1. The company said that FL Entertainment has a “compelling opportunity” as a public company through “both expected growth and the extensive consolidation opportunities for its two businesses”.FL Entertainment will merge with SPAC Pegasus Entrepreneurs, which is backed by European asset management company Tikehau Capital and investment firm Financière Agache.
Banijay owns over 120 production companies across 22 countries including Endemol Shine North America, which it inherited as part of a major merger with the Big Brother producer in 2020.Pegasus Entrepreneurs, our Chairman Stéphane Courbit has created new opportunities for Banijay to grow and maintain its resilient position in the market,” said Banijay CEO Bassetti.
Give me a break.
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