Canadian information technology company Intema Solutions has agreed a definitive share purchase agreement with Livestream Gaming, owners of esports betting platform LOOT.BET.
According to a release, the deal is worth $14.75m (~£10.97m), with $8m (~£5.95m) paid in cash and $4m (~£2.97m) paid by the issuance of a secured vendor take-back note.
Moreover, up to an additional $3m will be paid to Livestream securities holders upon reaching two milestones: the first half will be paid if Livestream secures $7.5m of gross gaming revenue within a year, and the second half will be paid if the company’s revenue surpasses $11.3m within the second year of the deal.
Intema is behind a number of esports and gaming projects. The company owns HypeX.gg, an esports tournament and wagering platform, as well as Generationz Gaming Entertainment, an esports betting platform. Intema Solutions is also the owner of Team Bloodhounds, one of the largest Fortnite esports teams in Canada.
LOOT.BET is a Curaçao-licensed esports betting platform that launched in 2016 under the stewardship of Livestream and Ultraplay. The platform has over 450,000 registered users and is a partner of a number of esports events and teams, according to a release.
Laurent Benezra, President and Chief Executive Officer of Intema, said: “After months of hard work and negotiations, we are thrilled to have signed this definitive agreement to purchase Livestream, which will allow Intema to become a major player in the esports and iGaming sectors.
“LOOT.BET is unequivocally the best online betting platform in the world and, with the help of Intema’s emerging ecosystem and Isle of Man license, it has the potential to grow significantly more. We look forward to the final closing so we can truly begin our journey.”
Intema Solutions also announced that the company will invest at least $6m into Livestream over a period of two years. Intema Solutions acquired an Isle of Man online gambling license in December 2021 and has applied for an Ontario gaming license as well.
Esports Insider says: This definitive share purchase agreement means that the acquisition of Livestream Gaming is now only pending regulatory approval and LOOT.BET’s parent company will now officially be a part of Intema. This is a significant change in the esports betting market, considering that LOOT.BET is one of the most known esports betting companies.