Allied Esports sells WPT to Element after lengthy bidding war
| By Nosa Omoigui
Allied Esports Entertainment has completed the sale of its poker assets – including the World Poker Tour – to Element Partners.
The deal is worth $105m and includes 100% of the outstanding capital stock of each of the legal entities connected to Allied Esports’ poker-related assets.
The Allied business now consists only of its core esports business and cash reserves from this transaction.
Allied Esports CEO Frank Ng said: “This is a momentous day for AESE and an opportunity to focus on growing the business in exciting and innovative ways.
“Congratulations to Adam Pliska and his entire team at World Poker Tour as they too move into a new, successful chapter.”