LONDON, UK: Blue Star Capital plc, an investment firm specializing in esports, payments, and technology, has announced that its investee, Dynasty Gaming & Media Pte Ltd, has agreed to acquire Googly Media Holdings Pte Ltd.
The deal, valued at approximately $7.6 million, will result in a combined entity worth $15 million. The acquisition, effective from 29 February 2024, is expected to be finalized by 30 April 2024.
Post-acquisition, convertible loan note holders in Dynasty, including Blue Star Capital, which will convert its $75,000 loan, are set to convert their notes. This will bring Blue Star Capital’s shareholding in Dynasty to 13% and in Googly to 0.6%, collectively valued at around £450,000—up from the previous combined valuation of £5.45 million based on the last fundraising.
Tony Fabrizi, Executive Chairman of Blue Star Capital said, “We are obviously very disappointed by the significant decline in carrying value for our investment in Dynasty. Unfortunately, market conditions in the esports sector have been particularly challenging over the last year and whilst the opportunity for the merged business looks exciting, outside investors have ultimately proved difficult to convert. We understand that the merged business remains on track to be cashflow positive later this year and will continue to provide support to Dynasty’s management wherever possible”.
Blue Star is an investing company with a focus on new technologies. Blue Star’s investments include SatoshiPay Limited, an incubator and service provider to de-fi businesses using blockchain technology; Dynasty Gaming & Media Pte. Ltd., whose B2B white label platform is a full-stack gaming ecosystem; and Sthaler Limited, an identity and payments technology business which enables a consumer to identify themselves and pay using just their finger.
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