BetMakers has made the announcement that it has successfully completed a AU$50 million (US$38.6 million) placement. This comes as the company's planned acquisition of Sportech moves closer to being finalized. BetMakers will purchase the worldwide tote and digital business of the sport betting technology company Sportech for $42.3 million, which includes the company's US, UK, and European racing and digital assets. The shareholders of Sportech accepted the deal, which will see BetMakers acquire the business.
BetMakers, a gaming technology supplier based in Australia, will make an initial payment of £6.2 million and then pay the remaining balance of £24.7 million upon completion. This will occur after the "satisfaction of certain customary conditions that only BetMakers can waive at its discretion, including transfer of licenses."
The supplier from Australia said at the time that the acquisition would be transformational for its financial and growth prospects globally and in the US. The deal was agreed upon last month, and the racing and digital assets were to be bought on a cash-free and debt-free basis.
In addition, BetMakers stated that it has successfully completed a AU$50 million placement to help fund the acquisition in addition to the cash that was already available. The placement consisted of 83.3 million fully paid shares and was priced at AU$0.60 per share.
The provider indicated that 23.3 million shares were offered under the company's 15% placement capacity in accordance with ASX Listing Rule 7.1, and that 60 million additional shares were issued under the company's 10% placement capacity in accordance with ASX Listing Rule 7.1A.
BetMakers has also disclosed that it is currently engaged in commercial negotiations with a number of operators and that it intends to "notify the market of such transactions in due course in compliance with its continuous disclosure responsibilities."
The investment fund Standard General had two buyout offers for Sportech turned down a month ago, with both offers valuing the business at 28.5 pence per share.
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