Sports data and technology provider Genius Sports Group (GSG) is to combine with special purpose acquisition company dMY Technology Group and create a new publicly traded business with an enterprise value of $1.5bn.

Under the agreement, GSG and dMY shareholders will exchange their holdings for shares in the combined business, which will be traded Stock Exchange (NYSE). The ordinary shares of combined entity are set to trade on the NYSE under the symbols “GENI”. The consideration payable to existing shareholders of GSG will be a combination of cash and rollover equity in the new business.

Mark Locke, currently chief executive of GSG, will remain in the role for the joint business. dMY chairman Harry You and chief executive Niccolo de Masi will serve on the board of director for the combined entity.

Mark Locke, currently chief executive of GSG said: “GSG created the market for official data across all tiers of sports, helping fuel our sportsbook partners’ ever-increasing range of products. This transaction will help us continue to expand and strengthen our position as a nexus of the global sports, betting and media ecosystem.”

Niccolo de Masi, chief executive of dMY said: “Elemental data provider GSG benefits from the growth of all participants in the global sports betting market. Mark Locke has pioneered the provision of official rights and live data which have been instrumental in building the modern sports betting market. The company has a strong track record of growth and we are very excited by the opportunities for further expansion in this rapidly growing segment.”

The boards of both dMY and GSG have unanimously approved the transaction, but the deal still requires approval from dMY stockholders and is also subject to other customary closing conditions, including a minimum cash condition. Should the deal gain final approval, GSG and dMY expect to finalise the merger in the first quarter of 2021.