Under the agreement, PointsBet will retain both its Canadian and Australian business and operations and continue as an Australian Stock Exchange-listed company. PointsBet will keep its proprietary sports wagering, racing, and igaming platform and be granted a perpetual, royalty-free license to exploit Banach technology assets. The deal also ensures that PointsBet will retain its teams in Australia, Canada, and India, as well as its Australian-based technologists, traders, and quants.
PointsBet will provide services to FBG prior to the final closing of the deal and be reimbursed for the cost of these services. The existing commercial commitments to NBCUniversal will be transferred to FBG, while NBCUniversal has released PointsBet from guarantee obligations under its media services agreement and waived its right to exercise equity options.
PointsBet shareholders will vote on the proposed acquisition at a meeting, and the PointsBet board has unanimously recommended that shareholders vote in favor of the deal. If the transaction is approved, PointsBet will distribute the net sale proceeds, after applicable taxes and transaction costs, along with the majority of its corporate cash reserves as a capital distribution to shareholders. This distribution is estimated to be approximately AU$1.07 to AU$1.10 per share.
For more information, read the full story on InnovateChange North America.
