Intema Solutions Details Livestream and Loot.Bet Acquisition
Intema Solutions has entered into a definitive share purchase agreement with Loot.Bet esports betting platform and brand owner Livestream. The deal is estimated at $14.8 million and will be paid in cash, new Intema common shares, and a secured vendor take-back note. This follows up on a letter of intent signed in May when Intema first sought to acquire the esports betting agency.
Intema Solutions Outlines the Deal and Bonus Payments
Intema has agreed to a further $3 million in cash payment based on results achieved by Livestream over the months following the acquisition. Of this amount, $1.5 million would be paid if Livestream generates $7.5 million gross gaming revenue within the first twelve months of acquisition. Intema received a formal go-ahead from the Toronto Stock Exchange to carry out the acquisition in November.
Commenting on this partnership, Intema president and chief executive Laurent Benezra congratulated the teams that had made this acquisition possible, and expressed his company’s satisfaction with the outcome:
“After months of hard work and negotiations, we are thrilled to have signed this definitive agreement to purchase Livestream, which will allow Intema to become a major player in the esports and iGaming sectors.”
Intema president and chief executive Laurent Benezra
Another $1.5 million will be added to this payout should Livestream generate $11.3 million in the period between the 13th and 24th months of acquisition. The deal also envisages capital contribution to Livestream’s operations. Intema will invest an additional $6 million to boost and expand the reach of the company’s offer.
Loot.Bet to Allow Intema Solutions Start Its “True Journey”
Benezra touted Loot.Bet as one of the best online betting platforms anywhere that will play a key part in Intema’s emerging ecosystem. Intema holds an Isle of Man license which allows it to operate on a significant scale. The chief executive confirmed that the team was looking forward to the final closing date to begin the company’s “true journey.”
Intema has been gradually ramping up its presence in esports. The company acquired the Canadian esports franchise Team Bloodhounds. The company also hired Ty Root as chief executive for its social gaming platform, HyperX.gg.
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