Element Partners returns with improved offer to purchase WPT, AESE’s poker-related operations

Element Partners returns with improved offer to purchase WPT, AESE’s poker-related operations

The back-and-forth battle for the coveted poker-side of Allied Esports Entertainment’s business adds another chapter after Element Partners countered with an offer better than that of rival company Bally’s Corporation.

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Element Partners vs. Bally’s Corporation Saga

Allied Esports Entertainment announced this week that it has amended its stock purchase agreement with Element Partners after the investment firm increases the overall purchase price from $90.5 million to $105 million.

AESE terminated an agreement with Element Partners regarding the sale of its poker-related business, after casino giant Bally’s returned with more enticing deal. The selling company is ready to relinquish its stake in poker-related businesses, which includes the World Poker Tour, to focus more on improving its Esports facilities.

According to reports, AESE board of directors has “unanimously approved the amendment to the stock purchase agreement,” as set forth by Element Partners.

In consultation with its financial and legal advisors, the board compared the terms of the amended stock purchase agreement with Element Parnters to the terms of the proposal received from Bally’s Corporation to acquire the WPT business for $105m. They determined that the Bally’s proposal did not constitute a “superior proposal” based on the terms defined in the stock purchase agreement with Element.

The sale of AESE’s poker-related business along the WPT brand to Elements is expected to close April 2021 under the assumption that the company’s stockholders approved the transaction and the buying investment group secured the required regulatory approvals and other customary closing conditions.

More about Element Partners

Element Partners invests exclusively in established high growth companies that provide innovative products and services to the energy, industrial, and environmental markets. Element strives to become long-term partners with passionate business leaders who have built pioneering companies. We have a long history of providing our companies with the financial resources, industry contacts, and strategic insights necessary to maximize growth and shareholder return.

Since 1995, Element’s team has successfully managed over $1.2 billion in capital commitments spanning six investment partnerships. All of these partnerships have been focused on investing in and profitably growing energy, industrial, and environmental related businesses. Element endeavors to be a financial and strategic partner to our portfolio companies. Our objective is to provide growth capital and strategic guidance to help proven management teams achieve their full potential. Today, Element manages more than $850 million dedicated to investments in established high-growth businesses. The companies we typically invest in have at least $20 million in revenue, are profitable or have clear path to profitability, and have enterprise values between $20 million and $250 million

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.