Esports Technologies Inc. (EBET) stock prices were up by 0.89% some time after market trading commenced on October 1st, 2021. This brought the price per share up to USD$33.27 early on in the trading day.
EBET Stock to Acquire Aspire
October 1st, 2021 saw EBET stock announce the execution of a definitive agreement for the acquisition of Aspire Global’s B2C business. As per the terms of the agreement, the transaction will be valued at a total of USD$75.9 million. Of this total, USD$58.3 million will be in cash, with USD$11.7 million in a promissory note, and roughly USD$5.9 million in shares of the company’s common stock. The closing of the pending merger is contingent of the company’s receipt of financing and other customary closing conditions. The closing date for the transaction if expected for November 30th, 2021.
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Details of the Merger
According to the terms of the agreement, EBET stock will acquire Aspite’s portfolio of B2C proprietary online casino and sportsbook brands. These brands include Karamba, Hopa, Griffin Casino, BetTarget, Dasnk777, and GenerationVIP. The company intends to leverage the utility of the multiple-brand acquisition to cross-sell esports wagering opportunities. This is hoped to facilitate increases in its esports revenue, player bet transactions, and customers.
Scope of Partnership
Upon completion of the acquisition, Aspite and EBET stock will enter into an agreement. As a part of the agreement, the partnering company will provide four years of managed services for the acquired brands. This will ensure operational continuity while allowing the company to scale its operations in key markets. The acquisition of the partnering company’s B2C business will be a transformative opportunity to accelerate growth by offering esports wagering to 1.25 million new deposited customers.
EBET Stock Builds on Success
EBET stock has consolidated the strength of its business model with high growth ambitions, proving it to be a perfect match for Aspire’s B2C brands. The company will gain leading, well-established brand through its partnering company, which will provide an excellent base for further growth. Further facilitating this growth is the collaboration with a very talented team that will contribute to the B2C’s growth.
Future Outlook for EBET Stock
The company reported a strong quarter, consolidated by the news of its most recent merger agreement with Aspire. EBET stock is poised to capitalize on the expanded scope of opportunities made available to it. Current and potential investors are confident that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.