PARIS–(BUSINESS WIRE)–Regulatory News:
Tikehau Capital (Paris:TKO) today announced that Pegasus Entrepreneurial Acquisition Company Europe (“Pegasus Entrepreneurs”), the SPAC it sponsors focused on high-growth entrepreneurial businesses in Europe, has agreed a business combination with FL Entertainment, a global entertainment group operating in content production and distribution, and online sports betting.
This proposed transaction will see FL Entertainment listing on Euronext Amsterdam, presenting a compelling opportunity as a public company through both expected growth and the extensive consolidation 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 centred on two majority-owned businesses, The Banijay Group (“Banijay”) and The Betclic Everest Group (“Betclic”). Banijay is the world’s largest independent content production company, operating over 120 production companies across 22 countries. Betclic is the fastest-growing sports betting platform in Europe2 and has built 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 31 December 2021.
Pegasus Entrepreneurs was launched by Tikehau Capital alongside 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.
To date, over €620 million of cash commitments to FL Entertainment have been secured including additional funds of approximatively €220 million raised from PIPE investors, €50m invested by Tikehau Capital and Financière Agache as part of their forward purchase agreement (FPA) committed at the time of Pegasus Entrepreneurs IPO, €250 million invested by controlling shareholder Financière Lov (controlled by Stéphane Courbit) and more than €100 million from Pegasus Entrepreneurs secured through signed non-redemption commitments.
This success validates Tikehau Capital’s approach to SPACs, which are a natural extension of the Group’s expertise to provide companies and entrepreneurs with new ways to attract capital and allow investors to access differentiated investment strategies. Through these dedicated vehicles, Tikehau Capital is expanding 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 date of the EGM will be confirmed in the coming days.
ABOUT TIKEHAU CAPITAL
Tikehau Capital is a global alternative asset management group with €35.5 billion of assets under management (at 31 March 2022). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies.
Tikehau Capital is a founder led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives.
Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.0 billion of shareholders’ equity at 31 December 2021), the firm invests its own capital alongside its investor-clients within each of its strategies.
Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 723 employees (at 31 March 2022) across 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
This document does not constitute an offer of securities for sale or investment advisory services. It contains general information only and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future earnings and profit, and targets are not guaranteed.
Certain statements and forecasted 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 reflected or expected in such forward-looking statements or in any of the case studies or forecasts. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America.
1 Including €2.3 billion pro forma net financial debt, €0.4 billion of non-controlling interests and €0.3 billion of other items
2 In terms of Gross Gaming Revenue growth over the year ended 31 December 2020 to the year ended 31 December 2021, compared to its main competitors.