Online Betting Startup PlayUp To Go Public Via $350M SPAC Merger With IG Acquisition

Global online betting operator PlayUp Limited looks to go public via a special purpose acquisition company (SPAC) merger with IG Acquisition Corp IGAC.
PlayUp will list on the NASDAQ via a newly-formed Irish company.
The transaction values PlayUp at $350 million.
The transaction will likely close in the first quarter of 2023.
Founded in 2014, PlayUp is a global sport, entertainment, and betting operator that develops its proprietary technology to power its brand and offering.
IGAC believes PlayUp can build the first fully integrated technology platform where consumers can engage in broad forms of betting across platforms via one account, one digital wallet.
PlayUp’s gross revenue has grown 56% Y/Y in FY22.
Daniel Simic will retain the title of Global CEO of the combined company.
IGAC Chair Bradley Tusk will become Chair of the combined company’s board.
IGAC CEO Christian Goode will serve as President of PlayUp’s U.S. business.
Price Action: IGAC shares traded higher by 0.1% at $10.01 in the premarket on the last check Thursday.
Photo via Company