Both parties have put pen to paper on a deal that will see Intema assume ownership of all issued and outstanding securities in Livestream for $14.75m.
A private corporation, Livestream owns Loot.bet, a server-based, real-money gaming platform. More importantly, Loot.bet is an up-and-coming brand in the world of esports betting, a market that Intema has its sights set on.
Laurent Benezra, Intema’s President and CEO, said: “After months of hard work and negotiations, we are thrilled to have signed this definitive agreement to purchase Livestream, which will allow Intema to become a major player in the esports and iGaming sectors.”
The acquisition will include a cash payment of $8m, while the rest will be settled by the issuance of a secured vendor take back note and new Intema shares.
Moreover, the Canadian company will pay Livestream shareholders an additional $3m in cash, subject to the corporation’s performance.
Half of this will be delivered if Livestream generates a minimum gross gaming revenue (GGR) of $7.5m during the 12-month period after the closing date.
The other half will be delivered if the corporation generates a minimum GGR of $11.25m during the 13 to 24-month period after the closing date.
“Loot.bet is unequivocally the best online betting platform in the world and, with the help of Intema’s emerging ecosystem and Isle of Man licence, it has the potential to grow significantly more,” added Benezra.
“We look forward to the final closing so we can truly begin our journey.”