Intema set to finalise Loot.Bet acquisition after Isle of Man approval
Esports igaming group Intema Solutions has received an online gaming licence from the Isle of Man, a key condition of its acquisition of Loot.Bet parent company Livestream Gaming Inc.
Intema agreed to acquire Livestream last month, in a deal worth up to $14.8m (£11.1m/€13.3m). Intema first agreed to the acquisition in May 2021.
This total will be issued in $8.0m in cash, $4.0m by the issuance of a secured vendor take back note and the delivery of 6,470,588 of Intema common shares.
An additional $3m is set to be paid if Livestream hits gross gaming revenue (GGR) of $7.5m throughout the 12 months post-acquisition, along with an extra $1.5m if Intema posts $11.3m within the 13-to-24 month period after the deal closes.
On receiving the licence Laurent Benezra, president and CEO of Intema, spoke of the growth opportunities the acquisition could afford the business.
“While the process has taken longer than expected, Loot.Bet is a major online gaming platform and a key part of Intema's growth plans,” said Benezra.
“Throughout the acquisition period, we have been working hard in parallel to build our esports and igaming ecosystem and the addition of Loot.Bet will accelerate our progress on that front significantly.”
In September 2021 Intema completed its acquisition of Team Bloodhounds, the owner of Canadian esports brand Team BH.