FansUnite to sell Betting Hero business to GeoComply and Hero Group for $37.5m
The board unanimously approved the stock purchase agreement.
Canadian company FansUnite Entertainment and its US subsidiary have signed a definitive agreement with GeoComply and Hero Group to sell all issued and outstanding shares of the Betting Hero business for $37.5m. The deal is expected to be concluded by August 15.
The company’s Board of Directors approved the transaction by a unanimous decision.
FansUnite said in a statement, “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.”
CEO and Board Director Scott Burton shared his thoughts on the agreement by saying, “After a long and thorough strategic evaluation of our business, we’ve received a substantial cash offer for our primary remaining asset. It not only reflects high market multiples when compared to similar transactions but also a substantial premium to our current share price.
“After extensive deliberation with our Board and advisors, we believe it’s in the best interest to recommend the sale and allow the Shareholders to vote on a return of capital.”
Board of Directors member and Special Committee Chair Quinton Singleton noted that the company has considered the terms of the agreement and believes this deal will provide mutual benefits to both FansUnite and its shareholders.
He said, “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.
“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.”
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