Allied Esports aims to close WPT sale in April

New York-listed Allied Esports Entertainment expects to close on the sale of its World Poker Tour (WPT) business in April after agreeing a revised deal with investment firm Element Partners.

Element Partners will now pay $105m to acquire Allied’s poker-related business and assets, matching last week’s $105m bid by Bally’s Corp, with the current offer representing a 34 increase on the $78.3m initially offered by Element Partners in January.

The board of directors of Allied Esports has unanimously approved the revised deal with Element Partners, which is expected to close in late April, subject to shareholder and regulatory approval and other customary closing conditions.

Shares in Allied Esports Entertainment Inc. (NSQ:AESE) closed 1.41 per cent higher at $2.88 per share in New York Tuesday.