An anonymous sources-based media report states that the SPAC and the sports data and integrity company’s negotiations would take a long time. Sportradar and Horizon in PIPE are looking to place equity, and with the investors, it began the financial information exchange. If completed, one of the biggest deals of SPAC type would be this $10 billion transaction.
However, according to a familiar person with the talks, completing the Sportradar and Horizon negotiations would take more time.
Deepen Negotiations, Within a Week Possible Agreement
Sportradar and SPAC (Special Purpose Acquisition Company) were led by the franchise co-owner from MLB Los Angeles Dodgers. Reportedly in March, Todd Boehly arrived at the negotiations for a merger deal worth 10 billion. This deal is a path to go public for the company of sports data and integrity.
The Sportradar and Horizon have signed letter for a deal of no guarantee. And despite the agreement, consider the slow progress of the negotiations. On both sides, the unnamed sources believe that a formal agreement is close to reaching for the coming week.
The SPAC and the Sportradar with the institutional investors become entered into the information exchange phase. Moreover, each company wants to do so. Equity planned to sell by both companies via PIPE (Private Investment in Public Equity) and public.
In SPAC type acquisitions, the PIPE is reasonably standard, and it will be the part of the deal most likely when it complete. However, this will represent one of the most critical evaluations of SPAC. For a sports business entity, it’s one of the largest. one of the sources stated that the Horizon and Sportradar conversations just reached the personal financial disclosures point.
A Possible Reason for the negotiation period extension is their willingness, usually between 2 and 8 weeks. Moreover, it takes the SPAC involving the deal. This deal could mean that to thrash out the contract, more time needed by both the companies, and they need to reconsider some aspects. The SEC’s guidance needs to review in some respects the accounting of SPAC. And for the regulators, it needs to streamline the language.
Sportradar founded in 2001, and globally, it sells sports data to sports betting operators and sports media.