Arena Events Group plc (AIM:ARE), Summit Investment Management LLC and American General Life Insurance Company won an auction to acquire Substantially all assets of Aztec Shaffer, LLC for $25.6 million on April 7, 2021. Under the transaction, Arena Events Group plc, Summit Investment Management LLC and American General Life Insurance Company will acquire 50% stake, 30% stake and 20% stake respectively. Arena conditionally raised £11 million ($15.15 million) by way of a subscription for 10,714,285 new Ordinary Shares and a placing of 67,857,143 new Ordinary Shares, in each case at a price of £0.14 ($0.19) per share, of which $3.35 million will be used to fund the acquisition. Arena will receive a debt financing package from the Co-Bidders Summit Investment Management LLC and secured lender of Aztec Shaffer, totalling $18.25 million to fund the acquisition. Completion remains subject to, inter alia, the sale hearing at the United States Bankruptcy Court for the Southern District of Texas on April 12, 2021. As of filling on April 14, 2021, the sale hearing at the United States Bankruptcy Court for the Southern District of Texas is now expected to be held on April 15, 2021. The United States Bankruptcy Court for the Southern District of Texas approved the deal on April 16, 2021. The transaction is expected to close at the end of April 2021. Max Hartley, Max Gould and Julian Morse of Cenkos Securities plc (AIM:CNKS) acted as financial advisors to Arena Events Group plc. Livingstone acted as the exclusive financial advisor to Aztec/Shaffer while Okin Adams LLP acted as debtor counsel. Brian Williams of Carl Marks Advisors served as restructuring advisor to Aztec Shaffer, LLC.