PARIS, May 10, 2022-(BUSINESS WIRE)-Regulatory News:
Tikehau Capital (Paris: TKO) announced today that Pegasus Entrepreneurial Acquisition Company Europe (“Pegasus Entrepreneurs”), the SPAC it sponsors dedicated to high-growth entrepreneurial businesses in Europe, has agreed to a combination of business with FL Entertainment, a global entertainment group that operates in the production and distribution of content, and online sports betting.
This proposed transaction will see FL Entertainment’s listing on Euronext Amsterdam, presenting a compelling opportunity as a public company through both expected growth and the vast merger opportunities for its two businesses. The transaction implies a pro forma equity value of € 4.1 billion and a pro forma enterprise value of € 7.2 billion.1
FL Entertainment is controlled by Financière Lov and led by Stéphane Courbit, an entertainment industry pioneer and entrepreneur. Its activities are centered on two majority-owned businesses, The Banijay Group (“Banijay”) and The Betclic Everest Group (“Betclic”). Banijay is the largest independent content production company in the world, operating more than 120 production companies across 22 countries. Betclic is the fastest growing sports betting platform in Europe2 and established market-leading positions in attractive geographies, including France, Portugal, Italy and Poland. FL Entertainment generated revenues of approximately € 3.5 billion and adjusted EBITDA of approximately € 609 million for the year ended December 31, 2021.
Pegasus Entrepreneurs was launched by Tikehau Capital with co-sponsors Financière Agache, CEO Pierre Cuilleret, Jean-Pierre Mustier and Diego De Giorgi. In late 2021, Pegasus Entrepreneurs successfully raised € 210 million in a private placement.
So far, more than € 620 million of cash commitments to FL Entertainment have been secured along with additional funds of approximately € 220 million raised from PIPE investors, € 50m invested by Tikehau Capital and Financière Agache as part of their forward purchase agreement (FPA) made during the Pegasus Entrepreneurs IPO, € 250 million invested by controlling shareholder Financière Lov (controlled by Stéphane Courbit) and more than € 100 million from Pegasus Entrepreneurs already -secure through signed non-redemption commitments.
This success confirms Tikehau Capital’s approach to SPACs, which is a natural extension of the Group’s expertise to provide companies and entrepreneurs with new ways to attract capital and allow investors to access diverse investment strategies. Through these dedicated vehicles, Tikehau Capital expands its global product offering while leveraging its strong global network and footprint.
An EGM of Pegasus Entrepreneurs shareholders will be held to vote on the business combination. The EGM date will be confirmed in the next few days.
ABOUT TIKEHAU CAPITAL
Tikehau Capital is a global alternative asset management group with € 35.5 billion of assets under management (as of 31 March 2022). Tikehau Capital has developed a wide range of expertise in four asset classes (private debt, real assets, private equity and capital market strategies) as well as multi-asset and special opportunity strategies.
Tikehau Capital is a founder led team with a unique business model, a strong balance, proprietary global deal flow and a track record of supporting high quality companies and executives.
Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative funding solutions to the companies it invests in and aims to create long -term value for its investors, while bringing positive social impacts. With its strong equity base (€ 3.0 billion of shareholders ’equity as of 31 December 2021), the company invests its own capital along with its investment clients within each of its strategies.
Controlled by its managers along with leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 723 employees (as of 31 March 2022) in its 13 offices in Europe, Asia and North America.
Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com
DISCLAIMER:
This document is not an offer of securities for sale or investment advisory services. It contains only general information and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future revenues and profits, and does not guarantee targets.
Certain statements and predicted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Due to various risks and uncertainties. Actual results may differ materially from those seen or expected in such future statements or in any of the case studies or predictions. All references to Tikehau Capital’s advisory activities in the US or about people in the US are associated with Tikehau Capital North America.
1 Including € 2.3 billion pro forma net financial debt, € 0.4 billion of non -controlling interest and € 0.3 billion of other items
2 In terms of Gross Gaming Revenue growth in the year ended December 31, 2020 to the year ended December 31, 2021, compared to its major competitors.
Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20220510006310/en/
Contacts
PRESS:
Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30
UK – Prosek Partners: Henrietta Dehn – +44 7717 281 665
USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238
[email protected]
SHAREHOLDERS AND INVESTORS:
Louis Igonet – +33 1 40 06 11 11
Théodora Xu – +33 1 40 06 18 56
[email protected]