Entain to Acquire Sportsflare: Tiidal Announces Deal with Entertainment Giant
A fresh take on the gaming and esports scene:
Tiidal Gaming Group, a prominent player in the gaming realm, has confirmed their agreement to offload their subsidiary, Tiidal Gaming NZ, the parent company of Sportsflare – a leading esports wagering solutions provider – to Entain. Valued at a whopping $13.25 million, this sensational acquisition was made public on Monday.
According to the revelations, the purchase price will be securely tucked away by Tiidal for 180 days post-closing. During this period, Tiidal may draw from this stash to cater to any working capital adjustments or claims raised by Entain.
The fine print of the agreement states, "Tiidal Holdings has agreed to transfer all the issued and outstanding shares of Sportsflare to Entain for $13,250,000 in cash, subject to standard transaction adjustments."
Shareholder Nod Needed to Finalize the Deal
Considering the scale of the acquisition, Tiidal requires the nod from shareholders, with approximately 31 million common shares (37.29% of the total shares) residing in their hands. To wrap up the acquisition, Tiidal has to garner the approval from these shareholders, potentially during a meeting scheduled for April 26, 2023. The company's Board of Directors has already greenlit the terms of the deal and urges shareholders to voice their support for the transaction. Alongside shareholder approval, the transaction is tethered to customary conditions. Upon termination under specific conditions, Tiidal Holdings would forfeit a hefty $500,000 to Entain.
In high spirits, Thomas Hearne, Tiidal's CEO, praised Sportsflare for its impressive success over the past year. He anticipates that the deal will serve to maximize value for shareholders while boosting Entain's presence in the esports vertical. With Sportsflare under its wing, Entain is bound to reap long-term benefits.
Hypothetically, this acquisition could equip Entain with an edge in the burgeoning esports betting industry, enhance their offerings with Sportsflare's data-driven betting technology, and bolster player retention through innovative esports-centric engagements. However, these presumptions are not substantiated by the available data. To gather definitive insights, one must rely on official announcements or financial reports from Entain or Tiidal Gaming Group.
- Tiidal Holdings, with around 31 million common shares held by shareholders, requires their approval to finalize the sale of Sportsflare to Entain.
- The shareholders' approval meeting is scheduled for April 26, 2023, and the deal is also contingent upon other customary conditions.
- If the deal is terminated under specific conditions, Tiidal Holdings would be required to pay Entain a sum of $500,000.
- The acquisition of Sportsflare by Entain could potentially provide Entain with an edge in the esports betting industry, improve their offerings with Sportsflare's data-driven technology, and boost player retention through innovative esports-centric engagements, but these hypotheses remain unsubstantiated without official announcements or financial reports from Entain or Tiidal Gaming Group.
