Venue Digital Technology Pty Ltd entered into an agreement to acquire Ebet Gaming Systems Pty Limited from Tabcorp Holdings Limited (ASX:TAH) for AUD 62 million on September 20, 2022. In FY22 eBet generated EBITDA of AUD 4.4 million and an EBIT loss of AUD 2 million. The transaction is subject to regulatory approvals, necessary probity approvals being obtained and no material adverse change occurring and is expected to complete by the end of December 2022.

Tabcorp would be eligible to receive a break fee of AUD 3 million, where the agreement is terminated due to the buyer failing to obtain the necessary probity approvals or failing to complete the sale (once unconditional). The sale is expected to result in a pre-tax gain on sale of approximately AUD 39 million on completion. A team led by Arjunan Puveendran including David Costantino of Thomson Geer Lawyers acted as legal advisor to Venue Digital Technology Pty Ltd. UBS Securities Australia Ltd acted as financial advisor to Tabcorp Holdings Limited (ASX:TAH).