BlueBet Holdings has entered an agreement to acquire certain assets of Merlehan Booking, the Australia-facing sports and racing betting company trading as TopSport.
Under the deal, BlueBet will pay an initial AU$10 million (£5 million/€6 million/US$6.3 million) to acquire the assets from TopSport. This will comprise 70% cash and 30% in new, ordinary shares in BlueBet.
The agreement, announced today (5 February) by BlueBet, will also include potential further payments. These are contingent on BlueBet’s share price reaching certain milestones and the net gaming revenue performance of the assets.
To support the cash portion of the purchase price, BlueBet has successfully undertaken an equity raising. This will raise $15 million in gross proceeds via the issue of approximately 44.1 million new shares in BlueBet.
Why is BlueBet acquiring the assets?
Operated by father and son duo Lloyd and Tristan Merlehan, TopSport offers both sports and racing betting in Australia. In the first half ..