Element, Allied Reach Deal Over WPT

Element Partners would purchase Allied Esports Entertainment’s poker business, including the World Poker Tour (WPT) under an agreement reach for an “increased takeover.” The offer was for $90.5 million up front.

Element, Allied Reach Deal Over WPT

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.