FansUnite shareholders approve sale of Betting Hero business
GeoComply Solutions and the Hero Group entered into an agreement to acquire the Betting Hero business in June 2024 for $37.5m.
FansUnite Entertainment (FansUnite) has announced the company’s shareholders have officially approved the transaction between FansUnite, GeoComply Solutions and the Hero Group which will see the two companies acquire FansUnite’s Betting Hero business.
In June of 2024, GeoComply Solutions and the Hero Group agreed to purchase the outstanding shares of Betting Hero for $37.5m.
“Upon completion of the transaction, the purchaser will be controlled 60% indirectly by Betting Hero’s co-founders, Jai Maw and Jeremy Jakary, and 40% by GeoComply,” FansUnite said in a statement at the time of announcement.
Assuming that the conditions to closing are satisfied and/or waived, it is currently expected that the transaction will be completed on August 15, 2024, or close after.
If the transaction is completed, FansUnite expects the record date for the distribution will be at the end of business on August 26 in order to allow trades to settle following the voluntary delisting and payment date.
“Following review of the transaction by the Special Committee, in consultation with our financial and legal advisors, we believe that this transaction represents the best available path forward for the company, its shareholders and other stakeholders,” FansUnite Board of Directors member and Special Committee Chair Quinton Singleton said.
“The distribution will provide immediate liquidity to the shareholders and the Special Committee is unanimous in its belief that the transaction is in the best interests of the company and the shareholders.”
The company’s Board of Directors approved the transaction by a unanimous decision on June 27, 2024.
FansUnite has also agreed to distribute 90% of the net proceeds of the transaction to the holder’s common shares subject to applicable solvency and other legal or contractual requirements.
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