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White & Case advises Pegasus Entrepreneurs on de-SPAC with FL Entertainment

Global law firm White & Case LLP has advised Pegasus Entrepreneurs and its sponsors Tikehau Capital, Financière Agache, CEO Pierre Cuilleret, Jean-Pierre Mustier and Diego De Giorgi on its de-SPACing with FL Entertainment, a global entertainment group comprising Banijay Group and Betclic Everest Group, that will result in the listing of FL Entertainment on Euronext Amsterdam.

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.

The White & Case team which advised on the transaction was led by partner Marc Petitier (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).

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