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Highlights
- PointsBet (PBH) has accepted a $353 million takeover offer from MIXI.
- The deal comes despite a higher bid from competitor BlueBet (BBT).
- PointsBet shareholders will vote on the acquisition in May.
Australian betting company PointsBet (ASX:PBH) has agreed to a $353 million takeover deal with Japan-based gaming and entertainment firm MIXI. The agreement, finalized under a binding scheme implementation deed, will provide PointsBet shareholders with a cash consideration of $1.06 per share.
The PointsBet board has unanimously supported the acquisition, with all directors confirming their intent to vote in favor of the deal. Shareholders are set to decide on the offer in a scheduled meeting this May.
Premium Offer and Valuation
The offer from MIXI represents a 27.7% premium to PointsBet’s closing share price as of February 25, and a 23.9% premium to the one-month volume-weighted average price. The deal values the company at an enterprise value multiple between 25.2 and 32.1, based on its FY2025 guidance.
According to Chair Brett Paton, the acquisition presents an opportunity for shareholders to unlock cash value at a premium valuation. He highlighted the strength of PointsBet’s technology assets and its position in the Australian and Canadian wagering markets.
Rival Offer from BlueBet (ASX:BBT)
Following the acceptance of MIXI’s proposal, rival firm BlueBet (ASX:BBT) presented an improved formal takeover bid exceeding $360 million. This offer included a combination of up to $260 million in cash, $120 million in scrip consideration, and an estimated $40 million in annual synergies.
BlueBet recently expanded its operations by merging with Betr and acquiring Queensland-based TopSport, positioning itself for greater market share in the sports betting industry. Despite offering a higher bid, BlueBet’s proposal was ultimately rejected in favor of MIXI’s offer.
MIXI’s Global Presence
Tokyo-headquartered MIXI operates in mobile gaming, sports betting, and professional sports management. The company also owns the Mixi 2 social networking platform, offering communication and payment services.
MIXI employs over 1,600 people worldwide and reported approximately JPY 147 billion in annual net sales in 2024. Its Australian subsidiary, betM, holds a sports betting license in the Northern Territory, allowing it to serve Australian consumers.
Previous Takeover Talks
PointsBet has been engaged in multiple acquisition discussions in recent years. In 2023, major sports gambling companies DraftKings and Fanatics Betting and Gaming competed to acquire PointsBet’s U.S. operations. Fanatics eventually secured the deal with a revised offer of $225 million in October 2023.
With the MIXI acquisition now in motion, PointsBet shareholders await the final vote, which will determine the company’s future under new ownership.
