New SPAC eyes egaming sector after $500m NYSE launch

A new special purpose acquisition company (SPAC) supported by investment bank Moelis & Company has launched with one eye on the US sports betting market. Atlas Crest Investment Group closed its $500m initial public offering (IPO) of 50,000,000 units at a price to the public of $10.00 per unit. The units were traded on the New York Stock Exchange (NYSE), with Cantor Fitzgerald & Co acting as the sole book-running manager of the offering. In the SPAC’s original launch, Atlas Crest detailed that egaming and sports betting was just one of the sectors it was keen to invest in. A statement read: “While the company intends to evaluate opportunities in many sectors, it believes the diverse experience and extensive relationship network of its management team, board and sponsor will drive particularly attractive investment opportunities in certain high growth sectors including media, online gaming/sports betting, fintech/payments, healthcare, business services and disruptive consumer.” Speaking to EGR, Atlas Crest CEO Michael Spellacy said: “Atlas Crest’s affiliate Moelis & Company has led several of the most innovative deals across the gaming industry. “As such, Atlas Crest will explore targets in the gaming sector, and others, that offer the potential for transformational growth and value creation,” he added. Moelis & Company helped Ronald Perelman sell his 34.9% stake in Las Vegas-based supplier Scientific Games earlier this year. Gaming industry SPACs have been on an upwards trajectory throughout 2020, with the likes of DraftKings, Rush Street Interactive and Genius Sports Group all partnering with SPACs to go public. Last month, a new SPAC targeting a US gaming acquisition worth at least $1bn was launched by industry veterans Matt Davey, Robin Chhabra and Eric Matejevich.