Allied Esports completes WPT sale to Element Partners

New York-listed Allied Esports Entertainment (AESE) has completed the sale of its World Poker Tour (WPT) business to Pennsylvania-based investment firm Element Partners.

After fending off a rival bid from Bally’s Corporation, Element Partners has paid $105m to acquire Allied’s poker-related business and assets, with the purchase price representing a 34 increase on the $78.3m initially offered by Element Partners in January.

The acquisition follows approval at a special meeting of the company’s shareholders earlier this month.

“This is a momentous day for AESE and an opportunity to focus on growing the business in exciting and innovative ways,” said Allied Esports Entertainment CEO Frank Ng. “Congratulations to Adam Pliska and his entire team at World Poker Tour as they too move into a new, successful chapter.”

Following the completion of the WPT business transaction, Allied Esports is now comprised of its esports business and cash resources from the sale.

Shares in Allied Esports Entertainment Inc (NAQ:AESE) closed 2.64 per cent lower at $2.21 per share in New York Monday.