London-based sports data and technology firm Genius Sports Group will begin trading on the New York Stock Exchange as a public company on April 21 as its long-planned merger with special purpose acquisition company (SPAC) dMY Technology Group II is now complete.
The new Genius Sports stock, operating under the ticker symbol GENI, represents the culmination of a deal originally announced last fall that values the combined company at about $1.5bn (€1.25bn). Shareholders officially approved the merger on April 16.
Genius Sports will hit the market in its new form with $145m in cash and no financial debt on its balance sheet.
“As Genius Sports enters an exciting new chapter in its history, we are uniquely positioned at the heart of the world’s sports, betting, and media ecosystem,” said Mark Locke, Genius Sports chief executive, and co-founder. “Our merger with dMY II and listing on the NYSE are a testament to the enormous opportunity ahead of us as we leverage our unique scale, drive innovation, and deliver products that help our partners create new and immersive experiences for sports fans around the world.”
The company’s board of directors will initially consist of eight members: Locke; the newly retained chairman and former Turner executive David Levy; dMY II chairman Harry You and chief executive Niccolo de Masi; Apax Partners’ Albert Costa Centena, Gabriele Cipparrone, and Roxana Mirica; and Oakvale Capital’s Daniel Burns.
“With its proprietary technology, unparalleled access to data, and growing network of partnerships, GSG is powering the global sports, betting, and media ecosystem,” de Masi said. “What’s more, the company benefits from a strong competitive moat and clear, promising growth opportunities that should drive compelling value for shareholders over the long-term.”
Genius Sports is competing in an increasingly vigorous market for data rights, particularly amid the accelerating maturation of the American sports betting landscape, a market that includes prominent competitors such as Sportradar.
But Genius Sports recently picked up a major win with the acquisition of the National Football League’s exclusive data rights. That deal involves an initial four-year term, followed by a pair of one-year renewal options for the league.
As part of that agreement, the league received warrants for 22.5 million shares in Genius Sports, equity that based on dMY II’s April 20 closing price of $16.21 per share is worth nearly $365m.
On dMY II’s final day of trading, the stock was down 11.23 percent.
Genius Sports, meanwhile, also recently unveiled a corporate rebranding that will unite its various entities under a single identity.