llied Esports Entertainment today announced the completion of the sale of the entities comprising the World Poker Tour®, to Element Partners. The transaction was approved at a special meeting of the Company’s stockholders on July 1, 2021.
As previously announced, the purchase price of the transaction totaled $105 million and included 100% of the outstanding capital stock of each of the legal entities that collectively operated or engaged in the Company’s poker-related business and assets.
"This is a momentous day for AESE and an opportunity to focus on growing the business in exciting and innovative ways," said Frank Ng, CEO of Allied Esports Entertainment. "Congratulations to Adam Pliska and his entire team at World Poker Tour as they too move into a new, successful chapter."
Following the completion of the WPT Business transaction, the Company is comprised of its esports business, Allied Esports, and cash resources from the sale.
Element had originally offered $78.2 million for the WPT, however, its bid was trumped by an unsolicited $100 million bid from Bally’s in March, forcing it to come back to the table with a higher offer.