Sports Entertainment Acquisition, a blank check company formed by former NFL and NHL executives targeting the sports and entertainment sectors, raised $400 million by offering 40 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Chairman and CFO Eric Grubman, who most recently served as Chairman of premium experiential hospitality business On Location Experiences, which was acquired by Endeavor this past January. Grubman previously held various roles with the NFL, most recently EVP of Business Operations. CEO John Collins most recently served as CEO of On Location Experiences, and before that, served as COO of the NHL and CEO of the Cleveland Browns NFL team.
The company plans to target the sports and entertainment sectors, as well as the technology and services that are associated with these verticals, such as media, ticketing, payments processing, entertainment travel, gaming, loyalty programs, and others.
Sports Entertainment Acquisition plans to list on the NYSE under the symbol SEAH.U. Goldman Sachs and PJT Partners acted as joint bookrunners on the deal.
