Esports Entertainment set to complete Argyll Entertainment acquisition8th July 2020 7:33 am GMT
New York-listed Esports Entertainment Group is on course to complete its acquisition of online betting and gaming operator Argyll Entertainment this month.
After entering into a binding Letter of Intent (LOI) in May, Esports Entertainment has now signed a definitive agreement to acquire the SportNation.bet-owner, with closing of the transaction expected to occur before 31 July.
“Reaching a definitive agreement to complete our first acquisition as a NASDAQ company is a major milestone,” said Esports Entertainment Group CEO Grant Johnson. “Argyll CEO Stuart Tilly and CFO Dan Marks already joined our senior leadership team in June as corporate secretary and chief financial officer, respectively. They are a great addition to our organization and will help us build on Argyll’s base of more than 100,000 registered users, placing us in a great position to grow revenue moving forward.”
Tilly said that as a fast growing online gaming company licensed in the UK and Ireland, Argyll offers Esports Entertainment access to exclusive and proprietary sports and gaming content, including the flagship SportNation.bet brand and an award-winning rewards program, which was a major driver of Argyll’s revenue growth in 2019.
“The esports industry is the strongest it’s ever been, and the strengthened financial position of our combined operations together with the ability to leverage the expertise and deep domain knowledge of its 30 strong staff in marketing, technology, risk management, and regulation will put Esports Entertainment Group in a great position to capitalize on the wealth of opportunities ahead in this rapidly growing market,” said Tilly.
Shares in Esports Entertainment Group Inc (NSQ:GMBL) closed down 1.73 per cent at $6.24 per share in New York Tuesday.