SMG European Recovery SPAC SE (XTRA:RCVR) entered into a non-binding letter of intent to acquire Sircle Hospitality Group Ltd. on December 20, 2023. As of February 15, 2024, SMG European Recovery SPAC signed a definitive business combination agreement to acquire Sircle Hospitality Group Ltd. Upon closing of the Transaction, the listed entity is expected to be named Sircle SE (?Combined Company?) and will be led by CEO Shlomi Yosefian. Liran Wizman will act as chairman and Stefan Petrikovics as vice-chairman of the board.

Upon completion of a business combination between the SMG European and Sircle through which the combined entity would become publicly traded on the Frankfurt Stock Exchange. The Transaction values the Combined Company at a pro forma enterprise value of around ?425 million. The Transaction is expected to close in the second quarter of 2024.

The closing of the Transaction is subject to the approval of the Company?s shareholders and the satisfaction or waiver of certain other customary closing conditions. Michael Schlitt, Mark Devlin, Susanne Ries, Simona Gradi?ek, Sebastian Bille from Hogan Lovells International LLP and Alexander Koch, Emmanuel Lamaud, Ariane Mehrshah from Hogan Lovells (Luxembourg) LLP Danielle du Bois-Bune, Bastiaan van Rath, Heiko Gemmel, Tim Joppich from Hogan Lovells International Llp acted as legal advisors to Sircle Hospitality Group Ltd.