BetMakers officially acquires Sportech
Sportech’s racing and digital assets have been acquired by BetMakers Technology Group after the latter completed an AU$50 million placement.
The shareholders of Sportech approved the acquisition. The deal includes the company’s US, UK and European racing and digital assets, which are currently valued at around £30.9 million. BetMakers will be setting an initial payment of £6.2 million before paying the balance of £24.7m after the completion.
BetMakers said in a statement that the deal will be completed after the “satisfaction of certain customary conditions that only BetMakers can waive at its discretion, including transfer of licences.”
Last December, BetMakers named the acquisition as a transformative deal for its financial and international growth plans, with the racing and digital assets set to be acquired on a cash-free and debt-free basis.
The completion of its AU$50 million placement will aid in the funding of the acquisition alongside existing cash, with the placement comprising 83.3 million fully paid shares valued at AU$0.60 each. Adding onto the capital raises, the Australian technology group told shareholders in Monday’s market uSportech’s racing and digital assets have been acquired by BetMakers Technology Group after the latter completed an AU$50 million placement. pdate that it had commenced negotiations for commercial terms with many different operators.