Intema Solutions seals Loot.Bet acquisition
Canadian firm inks multi-million dollar deal with esports betting operator’s parent company as it looks to expand ecosystem
Intema Solutions has agreed a C$14.75m (£8.7m) deal to acquire Livestream Gaming, the parent company of Curaçao-licensed esports betting operator Loot.Bet.
Under the remit of the agreement, Intema will acquire all of the issued and outstanding securities of Livestream via an initial C$8m cash payment.
The remainder of the C$14.75m deal will be made up of C$4m by the issuance of a secured vendor take back note, and C$2.75m payable by the issuance of Intema common shares.
Additionally, Intema will pay Livestream securities holders up to a further C$3m based on performance targets set for the business.
Securities holders will receive C$1.5m if Livestream generates a minimum gross gaming revenue (GGR) of C$7.5m over the next 12 months, and a further C$1.5m if it generates C$11.25m in the subsequent 12 months.
Livestream posted unaudited GGR of C$4.8m in 2020, with a net profit of C$114,792.
Laurent Benezra, Intema CEO, said: “This is a pivotal transaction for Intema that will make us a leader in esports betting. Loot.Bet will be a significant part of our ecosystem, which now consists of not only esports betting, but also peer-to-peer gaming, esports tournaments and advertising.”
Peter Zhalov, Livestream CEO, added: “Intema was a logical next step for Loot.Bet to pursue its growth, as it will allow us to expand into new markets in North America and benefit from synergies with complementary businesses to drive more traffic and thus more revenue.”