Esports Technologies granted $30m loan for Aspire Global deal
Esports Technologies received a $30m loan from Columbia Pacific Advisors for its acquisition of Aspire Global’s B2C assets.
The lender’s business finance strategy, CPBF, delivered the senior secured term loan to the Las Vegas-based esports wagering company, facilitating its $75.9m purchase of Aspire brands Karamba, Hopa, Griffon Casino, BetTarget and Dansk777.
Their acquisition saw Esports Technologies gain access to several tier-one European markets, including the UK, Germany, Ireland, Malta and Denmark.
Lawrence Litchfield, CPBF’s Director of Business Development, said: “This transaction demonstrated the dexterity of CPBF. With borrower operations on five continents and rigid timelines imposed by an M&A process with two public companies, we are pleased that CPBF could deliver for all parties.”
Columbia Pacific Advisors manages $3.4bn of alternative assets, and through CPBF, provides direct financing to emerging and middle-market companies across a broad range of sectors.
Esports Technologies meanwhile, which trades on the Nasdaq as EBET, signed the agreement with Aspire Global in October as part of its recent expansion plans. Of the total sum owed, $58.3m was to be paid in cash, which Columbia Pacific’s loan helped to cover.
“We are pleased to welcome Aspire’s portfolio of business-to-consumer online casino and sportsbook brands to Esports Technologies,” said Aaron Speach, Esports Technologies’ CEO.
“EBET is on the leading edge of bringing the spreads, market depth and speed to esports wagering that bettors have come to expect from online wagering on traditional sports. We look forward to introducing these capabilities to esports fans in several of the world’s largest regulated markets through this acquisition.”
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