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Parsec to merge with Enteractive Media

Parsec Capital Acquisitions Group has announced an agreement to merge with Enteractive Media in Calgary, Alberta.

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The deal has been signed off by both Board of Directors for the two companies and now, subject to stockholder and regulatory approval – as well as the satisfaction of certain other customary closing conditions – is expected to complete by Q4 2022.

Started in 2013, Enteractive Media is a gateway business that acts as a go-between for consumers and gambling operators. Furthermore, it owns PlayerVision and provides customers with gambling-themed television broadcasts, on-demand video and synchronous live video streamed sports wagering programming.

Ms Patricia Trompeter, Chairperson and Chief Executive Officer of Parsec, said of the deal: "We are excited to have Enteractive Media for this business merger and look forward to consummating this transaction.

“We believe that with the value proposition Enteractive Media brings to this transaction, it is well-positioned for substantial growth and sustainability. We view the transaction valuation as highly attractive to investors. We believe that through our merger, coupled with the management's background we have the potential to create significant value for shareholders."

Parsec was formed in Delaware as a blank check company. However, once the deal is finalised, the merged company is expected to continue operating under the Enteractive moniker – while remaining on the Nasdaq stock exchange under a new ticker symbol, though the future of its listing is uncertain.

The board of Directors will merge with one director from Parsec for every four coming from Enteractive Media.

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