- Esports Technologies Inc (NASDAQ: EBET) acquired Aspire Global PLC(OTC: ASPGF) B2C in $ 75.9 million transaction.
- The transaction value includes $ 58.3 million in cash, $ 11.7 million in promissory note and approximately $ 5.9 million in common stock.
- Esports Technologies will take over Aspire’s portfolio of exclusive online casino and B2C sports betting brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and GenerationVIP.
- The company intends to use the acquisition of multiple brands to sell esports betting opportunities to increase its esports revenue, player betting transactions and customers.
- Aspire’s B2C business has recorded $ 1.8 billion in stakes and over 1.3 billion bets in the past twelve months.
- The transaction is expected to close by November 30, 2021. Upon completion of the acquisition, Aspire agreed to provide four years of managed services for the acquired brands.
- Esports has entered into binding agreements with certain investors for a $ 36.2 million private placement of convertible preferred stock and warrants to purchase common stock.
- Esports held $ 12.5 million in cash and cash equivalents as of June 30, 2021.
- Price action: EBET shares are trading down 5.76% to $ 31.63 on Friday’s last check.
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