On April 20th, Interactive Games Technologies Inc. (IGT.BET) announced the organization signed a binding letter of intent (LOI) to merge with a leading Indian company in the online gaming space. The goal of this transaction is to transform IGT.BET’s existing business by helping the company reach its goal of over 20 million users by the end of 2022. Following the transaction, these entities will now also work so the combined revenue exceeds $50 million within the next two years.
“IGT.BET will complete a proposed business combination with the Target whereby IGT.BET will acquire all of the outstanding securities of the Target (“Target Shares”),” the Letter of Intent reads. “The parties will in good faith consider and evaluate potential structures for finalizing the Transaction, with a view to completing the Transaction as efficiently and expeditiously as possible, taking into account, among other things, timing, legal, regulatory and tax considerations.”
IGT.BET and the target will negotiate the sale and purchase agreement (SPA) and will expect to finalize it by May 30, 2021. As part of the agreement, IGT.BET is investing $5 million within 10 business days of the LOI signing, “which will partially be financed through a non-brokered private placement of IGT.BET Shares at $0.33 per IGT.BET Shares.” Details of other financial transactions are expected to be released in the coming weeks.
(All information was provided by Yahoo! Finance)