Benzinga | Oct 1, 2021 03:22PM EDT

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

* Esports Technologies Inc (NASDAQ:EBET) has acquired Aspire Global PLC's (OTC: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.