Entain to Pay $13.25 Million to Tidal Gaming to Purchase Sportsflare

Tidal Gaming has sold its subsidiary Tidal Gaming NZ (Sportsflare) to Entain as part of a share sale and purchase deal. The $13.25 million deal is subject to customary transaction adjustments, and Tidal will have access to up to 20% of the funds to cover reasonable transaction costs. The remaining funds will be kept in a holding account for 180 days following the closure of the deal. A $500,000 "termination fee" could be triggered if Tidal decided to terminate some parts of the agreement, in which case Tidal would be required to pay Entain the amount. Commenting on the sale, Thomas Hearne, CEO of Tiidal, said: "I am incredibly proud of what the Sportsflare team has done over the last year.

" To maximize value for Tiidal shareholders, we thought it was best to find a fantastic home for Sportflare given the capital market's climate. Our board of directors is confident that Sportsflare joining Entain is the best long-term answer for its employees and partners because of Sportsflare's strong industry fit with Entain. The money will be used by Tidal as ongoing working capital for Sportsflare. The transaction adds to Entain's recent acquisitions, including its recent completion of a deal to acquire BetCity in the Dutch market.

The deal value is up to €450 million ($482.6 million), of which €300 million is given upfront. Another payout will be made in the interim by 2024.

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