ESPORTS ASPIRE

Esports Technologies, Inc., a leading global provider of advanced esports wagering products and technology, on Friday announced the execution of a definitive agreement for the acquisition of Aspire Global’s B2C business in a $75.9 million (€65.5 million) transaction, including $58.3 million (€50.3 million) in cash, $11.7 million (€10.1 million) in a promissory note and approximately $5.9 million (€5.1 million) worth of common stock.

The closing of the acquisition is subject to Esports Technologies’ receipt of financing, as well as other closing requirements. The transaction is expected to close by 30th November 2021.

Under the terms of the deal, Esports Technologies will acquire Aspire’s portfolio of B2C proprietary online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP.

Strategically, Esports Technologies said it intends to utilise the multiple-brand acquisition to cross-sell esports wagering opportunities to increase its esports revenue, player bet transactions, and customers.

In the most recent 12-month period ending June 2021, Aspire Global’s B2C revenue was $73.9 million (€63.8 million ) and its EBITDA was $8.2 million (€7.1 million). During the same period, the B2C business recorded wagering of $1.8 billion (€1.6 billion) and over 1.3 billion bets.

Upon completion of the acquisition, Aspire and Esports Technologies will enter into an agreement where Aspire will provide four years of managed services for the acquired brands, ensuring operational continuity while allowing Esports Technologies to scale its operations in key markets.

Aaron Speach, CEO, Esports Technologies, said, “The acquisition of Aspire’s B2C business will be a transformative opportunity to accelerate growth by offering esports wagering to 1.25 million new deposited customers. Our company is in a strong position to benefit from the heightened popularity and growing interest in esports.”

Tsachi Maimon, CEO of Aspire Global, said: “Esports Technologies is a strong company with high growth ambitions and is a perfect match for our B2C brands. With Aspire Global’s B2C brands, Esports Technologies gains leading, well-established brands, an excellent base for further growth and a very talented team that contributed to the B2C’s growth. We are confident that Esports Technologies will take our B2C brands to the next level, and we welcome Karamba and the other B2C brands as our new partners.”

Esports Technologies has entered into binding agreements with certain investors for a private placement of $36.2 million consisting of convertible preferred stock at an initial conversion of $28.00 per share, subject to future adjustments and warrants to purchase common stock. The conversion of the preferred stock and exercise of the warrants is subject to the receipt of shareholder approval.

Needham & Company acted as sole placement agent for the private placement.

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