FansUnite Entertainment has unveiled a significant move by announcing the sale of its Betting Hero business to GeoComply Solutions and Hero Group Corp. The financial terms of this deal highlight a sale price of $37.5 million, with $30.6 million to be paid in cash upon closing. This strategic divestment is set to conclude by August 2024, with FansUnite expecting around $20 million in net proceeds from the sale. A considerable portion of the proceeds will be distributed among shareholders, with the company forecasting a dividend between CAD 0.065 and CAD 0.075 per share.
The sale gained the endorsement of FansUnite’s board of directors, who urged shareholders to back the transaction in an upcoming meeting. This decision follows comprehensive consultations and promises to deliver attractive premiums and immediate liquidity to shareholders while preserving future exposure. With Betting Hero’s co-founders, Jai Maw and Jeremy Jakary, securing a 60% shareholding and GeoComply the remaining 40%, the deal stands as a pivotal point for FansUnite’s asset restructuring. The transaction is contingent upon several conditions, including shareholder and regulatory approvals.
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