BlueBet Holdings Ltd (ASX:BBT) agreed to acquire Wagering Business Of Betr from NTD PTY Limited for AUD80 million on April 11, 2024. In consideration, BlueBet will issue to betr shareholders approximately 265.4 million fully paid ordinary shares equating to 56.9% of BlueBet?s Shares. The management team will consist of Andrew Menz (CEO), Bill Richmond (COO) and Darren Holley (CFO).

The Proposed Merger is subject to a number of conditions, including obtaining regulatory approvals from Northern Territory Racing Commission; obtaining shareholder approval; shareholders under the Proposed Merger; successfully completing the Equity Raising and BlueBet maintaining minimum net cash balances at April 30, 2024 of at least AUD3.0 million. Subject to satisfaction of the conditions precedent, completion of the Proposed Merger is expected to occur on July 1, 2024. Ord Minnett is acting as financial adviser to BlueBet in relation to the Proposed Merger and sole lead manager and underwriter in respect of the Equity Raising.

Gilbert + Tobin is acting as legal adviser to BlueBet in relation to the Proposed Merger and Equity Raising. Barrenjoey is acting as financial adviser and Arnold Bloch Leibler is acting as legal adviser to betr in relation to the Proposed Merger.