Betclic on course for Banijay merger as SBM Monaco fund sells equity
Société des Bains de Mer et du Cercle des Étrangers à Monaco (SBM Monaco) – the sovereign investment trust of the Principality of Monaco, has agreed to sell its 47% shareholding in Betclic Everest to FL Entertainment.
The equity sale was notified to the Luxembourg Bourse securities exchange, in which the Monaco fund disclosed that it had agreed €850m for the sale of its Betclic shareholding.
The transaction was required to enable French media magnate Stéphane Courbit to merge Betclic with his entertainment business Banijay, which will establish a new pan-European entertainment conglomerate FL Entertainment.
Last week, Courbit’s investment fund Financière Lov declared its intentions to form FL Entertainment via a Betclic and Banijay merger. That will be swiftly followed by the conglomerate being listed on the Amsterdam Euronext via a SPAC transaction led by blank cheque vehicle Pegasus BV.
Securing pre-listing funding guarantees of €650m, Pegasus BV anticipates FL Entertainment to secure a corporate valuation of + €7bn, as the complete transaction is expected to be finalized on 1 July.
SBM Monaco trustees underscored upsized profits of €710m, for its €140m investment in Betclic Everest undertaken in 2019.
Forming FL Entertainment, deal makers project the new venture to generate revenue of around €3.8bn and approximately €645m in EBITDA by the close of 2022. That will be achieved by combining the two entities specialising in pan-European sports betting via Betclic and television programming via Banijay.
Progressing with the transaction, Stéphane Courbit predicts that FL Entertainment will be Europe’s most disruptive and diversified entertainment organization, merging Banijay AV production capabilities with Betclic sports betting competencies.
The merger of Betclic and Banijay, will allow FL Entertainment to become the best platform to pursue growth opportunities in tech and innovations disrupting traditional entertainment markets and audiences.
Courbit will serve as Chairman of the new enterprise, French banker François Riahi will assume the position of CEO, whilst Nicolas Béraud will lead the Betclic Group as CEO.