Pegasus Entrepreneurs’ Business Combination With FL Entertainment

White & Case and NautaDutilh advised Pegasus Entrepreneurs and its sponsors Tikehau Capital, Financière Agache, CEO Pierre Cuilleret, Jean-Pierre Mustier and Diego De Giorgi on the deal. Linklaters advised the placement agents. FL Entertainment was advised by Darrois Villey Maillot Brochier, Stibbe and Villey Girard Grolleaud. Bredin Prat advised Monte-Carlo SBM International S.à.r.l.

Pegasus Entrepreneurial Acquisition Company Europe (“Pegasus Entrepreneurs”), the SPAC it sponsors focused on high-growth entrepreneurial businesses in Europe, has agreed a business combination with FL Entertainment, a global entertainment group operating in content production and distribution, and online sports betting.

The terms of the transaction represent a pro forma equity value of €4.1 billion and a pro forma enterprise value of €7.2 billion.The transaction is the largest de-SPACing in Europe to date.

The combined company will be named FL Entertainment and will be led by Stéphane Courbit as Chairman and François Riahi as CEO. The minority shareholders in the Banijay Group (Vivendi, Fimalac and De Agostini) and the Betclic Everest Group (SBM International) will become shareholders of FL Entertainment.

The proposed transaction, which has been unanimously approved by the FLE board and the board of Pegasus Entrepreneurs, is expected to close on 30 June 2022 and subsequently list on 1 July 2022. The transaction is subject to approval by Pegasus Entrepreneurs’ shareholders and other regulatory and customary closing conditions, which must be met by 31 August 2022 at the latest.

Pegasus Entrepreneurs is a SPAC focused on entrepreneurial European growth companies. Backed by serial entrepreneur Pierre Cuilleret, institutional sponsors Financière Agache and Tikehau Capital, and individual sponsors Diego De Giorgi and Jean Pierre Mustier, Pegasus Entrepreneurs successfully raised €210 million in gross offering proceeds and listed on Euronext Amsterdam (ticker code: PEACE and PEACW) on 10 December 2021. 

FL Entertainment is a global entertainment leader led by Stéphane Courbit, a 30-year entertainment industry pioneer and entrepreneur, and François Riahi. Through its businesses, Banijay Group and Betclic Everest Group, FL Entertainment is a leader in attractive and high growth market segments, as the largest independent content producer globally and the fastest-growing sports betting platform in Europe. 

BNP Paribas, Citigroup, Crédit Agricole CIB, Natixis and Société Générale are PIPE placement agents.

D’Angelin & Co and Rothschild & Co acted as financial advisors, Darrois Villey Maillot Brochier and Stibbe acted as legal advisors and Villey Girard Grolleaud acted as tax advisor to FL Entertainment. BNP Paribas acted as exclusive financial advisor to Pegasus Entrepreneurs.

The White & Case team which advised on the transaction was led by partner Marc Petitier (Picture; Paris) and included partners Clara Hainsdorf, Alexandre Jaurett, Estelle Philippi (all Paris) and Laura Sizemore (London), counsel Bob Lehner (London) and associates Olivier Pâris, Camille Lehuby, Cécilia Grosjean, Claire Sardet, Thibault Faivre-Pierret, Michel Courtois and Charlotte Mouradian (all Paris).

The Bredin Prat team included Elena Baxter, Jean-Damien Boulanger, Julien Gayral, Franck Morhain.

The Darrois Villey Maillot Brochier team included Christophe Vinsonneau, Cécile de Narp, Maxime Wach, Apolline Couderc, Romain Querenet de Breville, Ben Burman, Martin Lebeuf, Maxime Garcia, Sami Tareb, Guillaume Aubron, Solène Eder.

Involved fees earner: Guillaume Aubron – Darrois Villey Maillot Brochier; Benjamin Burman – Darrois Villey Maillot Brochier; Apolline Couderc – Darrois Villey Maillot Brochier; Cécile de Narp – Darrois Villey Maillot Brochier; Solène Eder – Darrois Villey Maillot Brochier; Martin Lebeuf – Darrois Villey Maillot Brochier; Romain Querenet de Breville – Darrois Villey Maillot Brochier; Sami Tareb – Darrois Villey Maillot Brochier; Christophe Vinsonneau – Darrois Villey Maillot Brochier; Maxime Wach – Darrois Villey Maillot Brochier; Michel Courtois – White & Case; Thibault Faivre-Pierret – White & Case; Cécilia Grosjean – White & Case; Clara Hainsdorf – White & Case; Alexandre Jaurett – White & Case; Bob Lehner – White & Case; Camille Lehuby – White & Case; Charlotte Mouradian – White & Case; Olivier Pâris – White & Case; Marc Petitier – White & Case; Estelle Philippi – White & Case; Claire Sardet – White & Case; Laura Sizemore – White & Case;

Law Firms: Darrois Villey Maillot Brochier; White & Case;

Clients: Cuilleret Pierre; De Giorgi Diego; Financière Agache SA; Financière Lov; Mustier Jean-Pierre; Pegasus Entrepreneurial Acquisition Company Europe B.V; Tikehau Capital Partners;