BlueBet Holdings has entered a binding asset sale agreement to acquire the Betr (launched in October 2022) wagering business. Moreover, to create an enlarged organization in Australia with increased scale and market share.
On April 11, the announcement revealed that BlueBet will issue approximately 265.4 million fully paid shares to Betr shareholders as part of the deal. This is equivalent to around 56.9% of BlueBet’s current shares.
A potential deal has been in the works for some time. Last April 10, BlueBet added fuel to the fire by requesting a trade halt on the ASX or Australian Stock Exchange amid the talk of an acquisition.
The deal remains subject to a series of closing conditions. This includes the support of BlueBet shareholders. BlueBet has unanimously recommended shareholders vote in favor of the merger. They say it will create material value.
BlueBet says it expects to complete the merger by July 1 if these conditions are met.
Michael Sullivan, the executive chairman of BlueBet says that this is a transformational moment for BlueBet. He added that it brings together their best-in-class technology platform with Betr’s large and high-quality customer base to create a national challenger in the online wagering market.
Sullivan also stated that the Betr team fully aligns with this vision. They express excitement about the growth opportunities and synergies that the proposed merger will unlock.
Matthew Tripp, Betr founder added that today is a significant day for Betr. It is a major step towards achieving their ambition to be a tier 1 wagering operator. The combination of their joint scale and the BlueBet technology platform is extremely powerful.
Tripp added that what excites him most is the deep experience and highly complementary skillsets of the combined team which sets them up well for the next phase of growth.On April 11, the announcement revealed that BlueBet will issue approximately 265.4 million fully paid shares to Betr shareholders as part of the deal.
