VANCOUVER: Victory Square Technologies’ portfolio company FansUnite Entertainment Inc. and Askott Entertainment Inc. announced entering into a definitive agreement on June 22, 2020 to combine in an at-market merger, creating one of Canada’s leading gaming companies.
Under the terms of the Agreement, FansUnite will acquire all of the outstanding securities of Askott by way of a three-cornered amalgamation pursuant to which Askott and a newly incorporated subsidiary of FansUnite will amalgamate under the Business Corporations Act (British Columbia) and continue as one corporation which will be a wholly-owned subsidiary of FansUnite (Amalco).
“This merger with Askott will represent our most significant milestone to date and transform us into one of Canada’s leading gaming companies,” said Darius Eghdami, CEO of FansUnite Entertainment.
“With the addition of Askott, we will have a fully integrated gaming asset that offers multiple B2C platforms for users, B2B technology for all forms of sportsbooks, and a seasoned team of executives that have led and grown multiple organizations on a global scale.”
“The FansUnite merger with Askott accelerates the company’s vision of becoming a global leader in the gaming space,” said Shafin Diamond Tejani, CEO of Victory Square Technologies. “Askott’s robust eSports betting technology platform and in-house built RNG Casino games complements FansUnite’s sports betting, casino, and virtual offerings.”
The Transaction is subject to approval of the shareholders of Askott. It is expected to close in the third quarter of 2020.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth.