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BetMakers Technology Company has completed a placement of AU$50 million that will finance its purchase of racing and digital properties from Sportech.
About the deal
The shareholders of Sportech approved the purchase yesterday, with the transaction priced at £ 30.9 million, including its US, UK and European racing and digital assets.
BetMakers will make an initial payment of £ 6.2 million via the deal before paying the balance of £ 24.7m upon completion.
In a statement made by BetMakers, it confirmed that after ““satisfaction of certain customary conditions that only BetMakers can waive at its discretion, including transfer of licences,” the deal will be completed.
BetMakers branded the purchase back in December as a ground-breaking transaction for its financial and global growth prospects, with the acquisition of racing and digital properties on a cash-free, debt-free basis.
What the completion will mean
Alongside existing cash, the completion of its AU$50 million placement would help finance the purchase, with the placement containing 83.3 million fully paid shares at AU$0.60 each.
In addition to the capital increases, in Monday’s market update, the Australian technology group told shareholders that it had started negotiating commercial terms with many operators.