BetMakers completes AU$50m placement after Sportech acquisition approved

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BetMakers completes AU$50m placement after Sportech acquisition approved

BetMakers has announced it has completed an AU$50m (US$38.6m) placement following its proposed acquisition of Sportech moving a step closer.

Sportech’s shareholders approved the deal which will see BetMakers acquire the global tote and digital business of the sport betting technology company for £30.9m ($42.3m), which includes its US, UK and European racing and digital assets

Australian-based gaming technology supplier BetMakers will make an initial payment of £6.2m before paying the balance of £24.7m upon completion, following the “satisfaction of certain customary conditions that only BetMakers can waive at its discretion, including transfer of licences.”

The acquisition was agreed last month, which the Australian supplier said at the time would be transformational for its financial and growth prospects globally and in the US, with the racing and digital assets to be acquired on a cash-free, debt-free basis.

Furthermore, BetMakers announced it has completed an AU$50m placement to help fund the acquisition alongside existing cash, with the placement comprising of 83.3m fully paid shares at AU$0.60 each.

The supplier mentioned that 23.3m shares were issued under the company’s 15% placement capacity as per ASX Listing Rule 7.1, with the remaining 60m issued under its 10% placement capacity as outlined in ASX Listing Rule 7.1A.

BetMakers also stated that it is in commercial negotiations with several operators and that it will “notify the market of such transactions in due course in accordance with its continuous disclosure obligations.”

Last month, investment fund Standard General had two offers to buy-out Sportech rejected, which valued the company at 28.5p per share.

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