Kings Entertainment Group has moved one step closer to acquiring Bet99.
The company has received conditional approval from the Canadian Securities Exchange (CSE) to execute a planned merger with Sports Venture Holdings (SVH), Bet99’s parent company.
Both parties put pen to paper on a business combination deal in May, a deal Kings is hoping will strengthen its position in the Canadian sports betting market.
In particular, the company has high hopes for Ontario, where Bet99 recently received approval from the Alcohol and Gaming Commission of Ontario (AGCO). But before Kings’ dreams can become a reality, it must first cross another hurdle: Kings must receive shareholder approval.
To this end, it has scheduled a shareholder meeting for 25 October to seek their permission in accordance with CSE policy. Assuming they vote in favour, Kings hopes to complete the transaction shortly after the meeting.
“Receipt of the CSE conditional approval is an important step forward in the completion of the business combination,” said Steve Budin, Kings Entertainment CEO.
“We now look forward to holding our shareholder meeting on October 25, 2022, so that we hear from our shareholders and share our excitement about our future with Bet99.
“We hope to close this transformational transaction shortly following our shareholder meeting.”
If everything goes as planned, Kings will undergo a rebrand post-completion. The merged companies will become Interactive Entertainment Group (IEG).
“We remain excited to proceed with the previously announced business combination with Bet99 to create Interactive Entertainment Group,” Budin continued.
He added: “We believe the acquisition of SVH is fully aligned with our business objectives and serves to further bolster our position as a market leader and innovator.”
