Global lottery company Allwyn Entertainment’s planned merger with Cohn Robbins Holdings (CRHC) to gain a New York Stock Exchange listing has moved a step forward.

The company said its registration statement on Form-F4 has been declared effective by the U.S. Securities and Exchange Commission. CRHC, a special purpose acquisition vehicle, said its shareholders will meet on Sept. 7th to approve the combination.

CRHC has recommended shareholders to vote for the merger, saying that Allwyn is a leader in the $300 billion global lottery industry, both retail and online, in multiple European countries.

It says the global lottery industry has an attractive outlook, with upside potential from increasing online penetration. The industry enjoys widespread consumer participation across multiple demographics and has proved to be resilient to economic downturns.

Current Allwyn equity holders are expected to retain approximately 83 percent ownership in the new company following the merger, which will have an enterprise value of $9.3 billion.

No new shareholder of the company will own a stake of more than 5 percent immediately following the transaction. CRHC holds approximately $828 million of cash in trust and the transaction will provide $350 million from committed PIPE investments.

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