On March 13th, a noteworthy announcement came from the Tiidal Gaming Group Corp , a Canadian iGaming platform, revealing that its affiliate Tidal Gaming Holdings Inc has successfully entered into a purchase and stock sale agreement with Entain Holding Limited . This company is a reputable iGaming operator from the UK , providing services across various regions, including Canada.
According to the terms of the agreement, Tiidal Holding will transfer ownership of all shares of Tidal Gaming NZ Limited , which operates under the name Sportsflare .
How Much Will the Purchase Cost?
The financial details of the agreement specify that the total consideration stands at $13,250,000 ; however, this amount may be adjusted in accordance with typical transaction protocols. Notably, Tiidal will secure these funds in escrow for a period of 180 days post-closing . During this time frame, Tiidal is allowed to utilize up to 20% of the funds if it needs to address any claims or capital adjustments from Entain.
Transaction Terms
Both entities involved have consented to proceed with the transaction while maintaining a certain level of independence from each other. Nonetheless, this agreement is conditioned on standard prerequisites commonly associated with such transactions, which includes the engagement of Tiidal’s shareholders and obtaining all necessary approvals.
Additionally, a termination fee of $500,000 has been established as part of the purchase agreement. Tiidal Holdings will owe this fee to Entain if specific terminating events take place.
Statement from the CEO of Tiidal
Thomas Hearne , the CEO of Tiidal, expressed his pride in the accomplishments of the Sportsflare team over the previous year. He mentioned that, in light of current market conditions, they concluded that seeking a suitable new home for Sportsflare would be the most beneficial decision to maximize value for Tiidal shareholders .
He further remarked that the board of directors is confident that integrating Sportsflare into Entain is the optimal path forward for the benefit of both partners and employees in the long run.
Other Great Casino Game Providers
For those interested in exploring other game development companies within the realm of Canadian online casinos , take a look at the prominent names listed below:
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