Betmakers Technology Group Ltd (BET.AX) Clears All Sportech Conditions For Acquisition
Sydney, Australia, Dec 29, 2020 - (ABN Newswire) - The Board of BetMakers Technology Group Limited (ASX:BET) (HAM:T07) is pleased to announce that the acquisition of the Racing and Digital assets of leading international online sports betting company, Sportech PLC ("Sportech"), for GBP30.9 million ("Acquisition") has been approved by Sportech shareholders. This was the only condition precedent to completion of the Acquisition that was for Sportech's benefit.
Betmakers will now make a non-refundable initial payment of GBP6.2 million, with the balance of GBP24.7 million payable upon completion of the Acquisition, which will occur following satisfaction of certain customary conditions that only BetMakers can waive (at its discretion), including transfer of licences. Further details regarding the terms of the Acquisition are set out the investor presentation lodged with the ASX on Tuesday, 1 December 2020.
Betmakers' A$50 million placement ("Placement") to fund the Acquisition (in conjunction with existing cash) comprising the issue of approximately 83.3 million new fully paid shares ("New Shares") at an offer price of A$0.60 ("Placement Price") will settle on 31 December 2020, with allotment and normal trading of New Shares to occur on 4 January 2021. Details of the previously announced A$10 million share purchase plan will be released in the upcoming days.
Details of the Acquisition
The Acquisition of Sportech's Racing and Digital assets in the United States, United Kingdom and Europe is intended to accelerate BetMakers' international growth plans with a significantly expanded global customer base and strategic position to fully wagering.
BetMakers considers the Acquisition to be transformational for the Company's financial and growth prospects. The Acquisition includes the following key Sportech assets:
- Americas Tote Business: providing betting solutions, hardware and operational services to over 200 racetrack, casino and betting venues to more than 50 customers across the United States, Canada and Latin America.
- Americas Digital Business: providing white-label digital betting solutions to more than 25 customers in North America.
- UK and European Tote Business: providing betting technology, parimutuel and co-mingling services to more than 35 customers across the UK, Ireland, Europe and Asia.
- QuantumTM Tote Technology - a world-leading tote betting engine currently used internationally and including for events such as the Breeders Cup and Royal Ascot race meetings.
About Betmakers Technology Group Ltd:
Betmakers Technology Group Ltd (ASX:BET)(FRA:T07) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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