EEG to sell Malta licensed Bethard iGaming business
Esports Entertainment Group (EEG) will sell its Bethard iGaming business after entering a share purchase agreement for its Malta and Sweden-licensed brand.
The sale price for Bethard was agreed at €9.5m ($10.2m), with the unnamed purchaser now liable for €1.2m of assets linked to Bethard.
The deal will comprise €1.7m offered at the closing of the sale, with €6.5m left to pay once the acquisition is officially completed.
Alongside this sale agreement, EEG entered into an amendment and waiver deal as a condition of the sale of its Bethard business.
The amendment requires EEG to deposit 50% of the proceeds of any future sale assets, and 100% of the proceeds of any additional indebtedness incurred in the future.
The notice to sell Bethard follows EEG’s closing of its Argyll business, a gambling operator licensed in the UK.
EEG says the sale of its Bethard business, following its sale of Argyll, will allow it to focus on its Lucky Dino iGaming brands that operate on its Idefix platform.
Alex Igelman, CEO of EEG, said: “I am very pleased with the work that is being undertaken to reduce debt and focus on our core iGaming and esports assets.
“We remain committed to building a world-class esports gambling operation that is global in reach and that provides esports content and strategic services to those involved in esports gambling, as well as those seeking to enter the market.
“I am extremely encouraged and pleased with the speed and efficiency in which senior management effectuated these important actions.”
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