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Allied Esports ends the World Poker Tour sale to Element Partners

Allied Esports Entertainment

confirmed the long-term finalization of the sale of the entities included in the company World Poker Tour

, to Element Partners.

As previously announced, the purchase price for the transaction was $ 105 million and included 90 percent of the outstanding equity capital of each of the legal entities that jointly operated or engaged in the company's poker-related activities and assets.

The deal was approved at a special Allied Esports Entertainment shareholders' meeting on July 1, 2021.

Following the conclusion of the WPT business deal, the company takes over its esports business, Allied Esports and sales cash.

"This is a momentous day for AESE and an opportunity to focus on growing the company in an exciting and innovative way," he said Frank Ng, CEO of CEO Allied Esports Entertainment.

"Congratulations to Adam Pliska and his entire team on the World Poker Tour, as they are also entering a successful new chapter."

A deal that was said to be worth up to $25.01m between the two parties was first detailed in January 2021, with closing expected in late January or early February 392 initially detailed.

Subsequently, both Element Partners and Bally's Corporation submitted a series of competitive bids, prior to modifying the share purchase agreement to increase the total purchase price from $ 90.5 million to $ 100m.

The company's management board unanimously approved the amendment to the share purchase agreement. In connection with the approval of the amendment, the management board, in consultation with its financial and legal advisers, compared the terms of the amended share purchase agreement with the terms of the proposal to acquire the WPT Business for $105m received from Bally's.

Upon such verification, it was determined that Bally's Proposition was not a “Higher Proposition” as such timing is specified in the inventory purchase agreement with Element.

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