Esports Entertainment Group cements Argyll Entertainment acquisition
CEO Grant Johnson hails “major milestone” as $1.25m cash plus shares deal is rubber-stamped by operator duo
Esports Entertainment Group (EEG) has completed the acquisition of Argyll Entertainment parent company LHE Enterprises, as first reported by EGR Intel in April.
The acquisition is set to be finalised by 31 July, at a proposed purchase price of $1.25m in cash along with 541,667 shares of stock in EEG at $6 a share.
EEG has been bulking up its global reach in recent months, from securing a Maltese gaming licence to launching a new affiliate programme and unveiling a US licence procurement arm, as well as onboarding Argyll CEO Stuart Tilly and CFO Dan Marks as company execs.
Grant Johnson, EEG CEO, said the acquisition marked a “major milestone” for EEG as a Nasdaq-listed company.
Johnson continued: “Stuart Tilly and Dan Marks already joined our senior leadership team in June as corporate secretary and CFO, respectively. They are a great addition to our organisation and will help us build on Argyll’s base of more than 100,000 registered users, placing us in a great position to grow revenue moving forward.”
Tilly added: “The esports industry is the strongest it’s ever been, and the strengthened financial position of our combined operations together with the ability to leverage the expertise and deep domain knowledge […] will put Esports Entertainment Group in a great position to capitalise on the wealth of opportunities ahead in this rapidly growing market.”
Esports betting has enjoyed an uptick during the Covid-19 pandemic as sports-starved punters sought to get their bets on elsewhere.