Esports Technologies Acquires Aspire Global's B2C business For $75.9M

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