On March 13th, the Canadian iGaming platform, Tiidal Gaming Group Corp , revealed that its subsidiary, Tidal Gaming Holdings Inc, has entered into a sales agreement involving stock with . This company is a prominent iGaming operator from the UK that serves multiple regions, including Canada.Entain Holding Limited Under the terms of this agreement, Tiidal Holding is set to transfer ownership of all shares of Tidal Gaming NZ Limited , along with its operating arm known as Sportsflare.
According to the terms laid out in the acquisition agreement, the total purchase price comes to $13,250,000 , though it may be adjusted based on standard transaction considerations. Tiidal will hold the purchase funds in escrow for 180 days following the closing , during which they can utilize up to 20% of the funds to address any claims or adjustments required by Entain.
How Much Will the Purchase Cost?
The two parties have reached a mutual agreement on the transaction while maintaining a level of independence from each other. Nonetheless, this deal is subject to the usual transaction requirements, which include the approval of Tiidal's shareholders and all necessary consents.
Transaction Terms
Additionally, the purchase agreement includes a termination fee of $500,000 , which Tiidal Holdings is obligated to pay to Entain should specific termination situations arise.
Thomas Hearne , the CEO of Tiidal, expressed his pride in the accomplishments of the Sportsflare team over the past year. He mentioned that given the current conditions in the capital markets, they deemed it best to seek a suitable buyer for Sportsflare to ensure maximum value for Tiidal shareholders.
Statement from the CEO of Tiidal
He added that the board members are optimistic that integrating Sportsflare into Entain represents the most beneficial option for all partners and employees in the future.
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