Intema closes acquisition of Loot.Bet owner – M&A

Intema Solutions, a key player in the esports iGaming sector, has successfully concluded its acquisition of Livestream Gaming, the parent company of the Loot.Bet server-based real-money gaming platform and esports betting brand.

The transaction grants Intema complete ownership of all issued and outstanding securities of Livestream, following terms established in a preceding agreement last month.

This milestone was achieved after Intema secured an online gaming license from the Isle of Man, a pivotal requirement for completing the acquisition.

“Today marks a significant advancement for Intema, as Loot.Bet represents a crucial stepping stone in our growth within the esports and iGaming landscapes,” stated Laurent Benezra, President and CEO of Intema. “I extend my gratitude to our shareholders, investors, employees, and stakeholders for their steadfast support and patience throughout this transformative acquisition.”

“We believe that Loot.Bet’s online gaming platform stands apart in the market, exhibiting substantial scaling potential. With the Isle of Man online gaming license now in hand, Loot.Bet is strategically positioned for global expansion, thereby accelerating our growth initiatives.”

“Over the past year, our dedicated team at Intema has been diligently building our esports and iGaming ecosystem in preparation for this milestone. We eagerly anticipate sharing our developments as we advance our strategic activities and concentrate on attaining profitable growth.”

The financial aspects of the acquisition will be held in escrow, contingent upon the forthcoming filing statement on Canada’s SEDAR and the issuance of a bulletin from the Toronto Stock Exchange Venture Exchange regarding the deal.

Intema noted that the acquisition will automatically trigger the conversion of subscription receipts into common shares and warrants of Intema.

As part of this offering, 20,014,000 subscription receipts will be automatically converted into an equal number of common shares and 10,007,000 common share purchase warrants, yielding gross proceeds of CA$10.0 million (£5.8 million/€6.9 million/US$7.9 million).

Each warrant grants the holder the right to purchase one common share at an exercise price of $0.90, valid for a 12-month period from the date of issuance.

Intema intends to allocate a portion of the proceeds to satisfy the cash consideration associated with the acquisition, additionally issuing 6,470,588 common shares at a price of $0.425 each to vendors.

For the fiscal year ending December 31, 2021, Livestream reported revenues of €2.2 million, alongside a net loss of €173,818.