BetMakers (ASX:BET) inks deal with Punting Form

October 24, 2022 01:45 PM AEDT | By Tamnna

BetMakers (ASX:BET) inks deal with Punting Form — Image source: © Cafaphotos | Megapixl.com

Details of the acquisition

As per the official release, BetMakers has decided to pay Punting Form vendors (JJ Ventures Limited and Hkelly Holdings Pty Ltd) a maximum purchase price of AU$20 million in exchange for acquiring all the shares in Punting Form. An initial cash consideration of AU$3 million will be paid to the Punting Form vendors on the date of completion (30 November 2022). The remaining AU$17 million is being considered as an earn-out achievable over the next three years upon meeting operational, revenue, and profitability targets.

The completion of this acquisition is subject to the following antecedent requirements:

BetMakers is satisfied with the due diligence results.
All the necessary board and shareholder approvals have been received to pay the acquisition price.
Both companies have gotten regulatory approvals, consents, and waivers.
Punting Form vendors have obtained approvals from counterparties to certain material contracts.
Certain minimum working capital and net tangible asset conditions have been met.
The vendors have acquired all the remaining Punting Form shares.

If the above-mentioned requirements are not met or are waived by BetMakers, both parties have the right to terminate the deal immediately by giving a written notice.

Talking about this acquisition, Todd Buckingham, CEO, BetMakers, said:

Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 24 October

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.