Entain Gears Up to Acquire Tidal Gaming NZ Limited, a Canadian Enterprise

On March 13, the Canadian online gaming company, Tiidal Gaming Group Corp , revealed that Tidal Gaming Holdings Inc, its subsidiary, has penned a sales and stock agreement with Entain Holding Limited . This latter entity is a prominent UK-based online gambling powerhouse , extending its reach to multiple locations, including Canada.

According to the agreement, Tiidal Holding is set to divest all shares of Tidal Gaming NZ Limited , which runs under the name Sportsflare .

How Much Will the Purchase Cost?

Under the terms of the acquisition, the total consideration is $13,250,000 , which will be adjusted per regular transactional practices. Importantly, Tiidal will retain the funds in escrow for 180 days post-closing. During this interim, up to 20% of these funds will be accessible to Tiidal for addressing claims or capital adjustments communicated by Entain.

Transaction Terms

Both sides concurred on the transaction while maintaining a certain distance. Nonetheless, the agreement is subject to the customary stipulations for such transactions – specifically involving Tiidal's shareholders and securing all requisite approvals.

Additionally, there is a $500,000 break fee tied to the acquisition terms. Should specific conditions trigger a termination, Tiidal Holdings is obligated to remit this fee to Entain.

Statement from the CEO of Tiidal

Thomas Hearne , the CEO of Tiidal, expressed his satisfaction with Sportsflare's achievements over the previous year. He noted that given the state of the capital markets, the optimal strategy was to secure a promising future home for Sportsflare to maximize value for Tiidal's shareholders .

He wrapped up by expressing the board’s belief that Sportsflare's integration into Entain was the path forward for both their partners and staff in the long-term.

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Peter, a seasoned Canadian content writer with over six years in the iGaming industry, has delivered insights for various markets, including those in Canada, the US, and the UK. His deep understanding ensures precise and comprehensive content for CanadaCasino. When away from his desk, Peter enjoys unwinding with Call of Duty alongside his teammates.