The Canadian business FansUnite Entertainment and its US affiliate are about to close a big deal involving Hero Group and GeoComply. According to the deal, a subsidiary named Betting Hero would be sold for $37.5 million, with the sale expected to close by August 15.
The acquisition was unanimously authorized by the company’s Board of Directors, who emphasized its strategic advantages. After everything is said and done, FansUnite reports that GeoComply and co-founders of Betting Hero, Jai Maw and Jeremy Jakary, would indirectly control the bulk of the buyer.
CEO Scott Burton expressed his satisfaction with the agreement, stating, “We’ve received a substantial cash offer for our primary remaining asset, reflecting high market multiples and a substantial premium to our current share price.”
Committee’s Recommendation
Quinton Singleton, a Board member and Chair of the Special Committee, highlighted the thorough review process. He affirmed, “The transaction represents the best available path forward for FansUnite, providing immediate liquidity and significant benefits to our shareholders.”
The Special Committee, after consulting financial and legal advisors, concluded that the sale is in the best interests of all stakeholders, including shareholders.
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