The leading international online service provider for lottery, casino and sportsbook gambling, Kings Entertainment, announced it completed a major step toward combining with the parent company of the market-leading Bet99 brand, Sports Venture Holdings (SVH).
CSE Provides Conditional Approval for Kings’ Acquisition of SVH
On Monday, the company revealed it received a green light from the Canadian Securities Exchange (CSE) regarding the planned combination with SVH. Although this marks an important step toward the completion of the merger, Kings Entertainment needs to secure additional approvals for the deal. Previously, the company’s Board unanimously approved the proposed combination with SVH. What’s more, Kings’ Board recommended shareholders to vote in favor of the proposed merger. Now, in light of the conditional approval of the CSE, Kings Entertainment announced a planned shareholder meeting. The company’s shareholders will meet on October 25, 2022, and the meeting will seek the approval of the proposed combination in line with the conditions set by the CSE.
“We remain excited to proceed with the previously announced business combination with Bet99 to create Interactive Entertainment Group.“Steve Budin, CEO at Kings Entertainment
Steve Budin, Kings Entertainment’s CEO, said that the recent approval brings excitement to the company. Additionally, he acknowledged that the green light from the CSE marks another step toward the combination with Bet99 which is expected to create a new business called Interactive Entertainment Group.
The Conditional Approval Marks a Major Step Forward
According to Budin, growing organically has always been a strategic goal for Kings Entertainment. He pointed out that the new acquisition further complements this growth and is in line with the company’s objectives. At the same time, Budin said that by acquiring SVH, the company expects to solidify its position as a leading operator and innovator within the iGaming market.
“Receipt of the CSE conditional approval is an important step forward in the completion of the business combination,“added Budin
Budin acknowledged that the recent CSE conditional approval marks a major step toward the completion of the combination with SVH. He revealed that Kings Entertainment is now looking forward to meeting its shareholders in October to hear their opinion about the combination. In conclusion, Budin said that the company hopes to close the transaction with SVH shortly after completing the shareholder meeting.
The initial plan for the merger between Kings Entertainment and SVH was announced back in May this year. Upon completing the deal, Bet99’s current CEO, Jared Beber is expected to take the role of CEO of the new company, which will likely be called Interactive Entertainment Group. On the other hand, Kings’ current CEO, Budin is expected to lead the new company’s LottoKings operations. He is also expected to take the role of an advisor for the new entity.