Esports Entertainment Group finalizes binding deal to acquire Helix eSports and ggCircuit
Esports Entertainment Group, Inc (NASDAQ:GMBL) (FRA:40Y1) announced that it has finalized the company’s binding agreement for its previously-announced Helix eSports and ggCircuit acquisition.
Esports Entertainment noted that the $43 million transaction, expected to close in 2Q 2021, will comprise 50% cash and 50% GMBL shares, which will be priced upon the closing of the transaction.
“With the acquisition of Helix and ggCircuit, we have created the most diversified, US-listed esports entertainment asset in the entire ecosystem,” Esports Entertainment Group CEO Grant Johnson said in a statement.
READ: Esports Entertainment leads the next generation of esports betting
He added: “These acquisitions significantly strengthen our Play, Watch, Bet Strategy, adding state-of-the-art esports entertainment centers, an esports-focused vertical enterprise software business, a best-in-class esports analytics platform, and a player-vs-player skill-based wagering platform to our diversified asset base.”
“Together with what we’ve already built, Esports Entertainment Group has unparalleled scale and we are on our way to becoming a global industry leader.”
Helix eSports owns five esports centers, including two of the five largest centers in the US, offering a variety of experiences, including casual play, competitive tournaments, STEM programming, high school leagues, large groups and esports bootcamps.
Helix also owns Genji Analytics, an esports-proven, publisher-trusted analytics provider, with revenue streams that include platform sales to publishers and leagues with plans to expand to all competitive players looking to enhance their gameplay through analysis, fair competition, and roster optimization.
ggCircuit, meanwhile, is a B2B software company that provides cloud-based management for LAN centers, a tournament platform, and integrated wallet/point-of-sale solutions for enterprise customers.
ggCircuit has over 1,000 connected locations and has worked with enterprises such as GameStop, Dell, Best Buy and Lenovo, as well as universities such as Ohio State, Syracuse and North Carolina.
Esports Entertainment Group is a licensed online gambling company focused on the growing world of professional video gaming — and the only esports company listed on NASDAQ.
Much like traditional sports gamblers betting on their favorite teams, the company’s proprietary Player-to-Player (P2P) wagering system allows esports fans and enthusiasts to bet against one another in support of their favorite ePremiere League (ePL) teams.
Contact Sean at [email protected]
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/939401/esports-entertainment-group-finalizes-binding-deal-to-acquire-helix-esports-and-ggcircuit-939401.html
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