for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-UK's Genius Sports to go public in $1.5 bln deal with New York-listed SPAC

(Adds details on board approval, background, CEO)

Oct 27 (Reuters) - London-based Genius Sports Group Ltd said on Tuesday it would go public through a merger with New York-listed special purpose acquisition company (SPAC) dMY Technology Group Inc II, valuing it at about $1.5 billion, including debt.

The boards of both the companies have unanimously approved the transaction, the company said in a statement.

The new company is expected to trade its ordinary shares on the New York Stock Exchange under the symbol “GENI”, upon closing of the deal, the company said.

Genius Sports, which acquires data from sports events and supplies it to sports betting operators, maintains partnerships with over 500 sports organizations globally, including the NBA, NCAA, FIBA, FIFA, English Premier League and NASCAR.

Genius Sports Chief Executive Officer Mark Locke will be the CEO of the new merged entity, the company added. (Reporting by Yadarisa Shabong and Bhargav Acharya in Bengaluru; Editing by Sriraj Kalluvila and Rashmi Aich)

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up