Contagious Gaming has revealed that it is closing in on its previously announced acquisition of Digitote, stating the deal is set to be completed by mid-September.
As reported by iGaming Business, Contagious in May announced it has struck a deal to acquire the sportsbook software company for €5 million ($5.5 million).
At the time, Contagious said that the total consideration would be paid through a combination of common shares of Contagious, cash and a vendor take-back, also noting that any cash payment of the purchase price payable on closing would be funded with cash on hand.
Contagious had signed a letter of intent to complete the deal by the end of July, but has opted to amend this agreement to extend the definitive agreement execution date to September 15.
However, Contagious has now said that it expects to execute the definitive agreement before August 31, with a final closing to follow shortly after.
Peter Glancy, chief executive and director of Contagious, said: “We are pleased to announce that we have made significant progress in the completion of due diligence and look forward to closing the Digitote acquisition.
“The acquisition and the consideration paid is structured to deliver maximum shareholder value and align all stakeholders.
“The acquisition of Digitote will add significant value to Contagious Gaming’s sports betting offering with the ability to provide our customers with a multi-channel live in-play and pre-match fixed odd sports betting platform alongside our proprietary in-play pari-mutuel Goal Time offering.”
source : www.igamingbusiness.com