Element Partners and Allied Esports Entertainment (AESE) have reached a deal on an increased takeover where Element will acquire Allied’s poker business, including the World Poker Tour (WPT.)
Element and Bally have been in something of a bidding war for WPT, with Element’s most recent offer of $90.5 million upfront being accepted. As part of the deal, if Allied accepts a competing offer within 12 months of agreeing to the terms with Element, if would pay a termination fee of $3.5 million.
AESE’s board has unanimously approved these terms, which makes the deal subject to shareholder approval and regulatory approval. The sale could be completed by April of 2021, said AESE.
