Fanatics completes initial purchase of PointsBet US
This initial completion involves the transfer of the contract’s initial consideration of 175 million dollars, while the rest of the 50 million dollars of the total agreed-upon price of 225 million dollars will be due at the full completion date of the contract.
After receiving its initial consideration, PointsBet has already transferred a large portion of its US operations to its partner, which includes its businesses in eight states across the country. The jurisdictions in question include major ones like New Jersey, Pennsylvania, and Colorado, while the rest of the Australian operator’s US business is estimated to be fully acquired by Fanatics before the end of February next year. Additionally, PointsBet has also transferred ownership of its racing operations, PointsBet Racing.
The announcement mentioned that the transfer of PointsBet’s remaining US operations to Fanatics will be carried out as they receive their appropriate local approvals. Furthermore, PointsBet will also be providing assistance to its partner with operating its newly acquired businesses in the eight initial states while the deal has not reached its full completion, for which it will be reimbursed appropriately by Fanatics.