M&A

Bally’s makes bid to acquire World Poker Tour owner Allied Esports

| By Daniel O'Boyle
Allied Esports Entertainment has revealed that Bally’s has submitted a proposal to acquire the business for $100m in cash, stock or both, in a deal that would terminate the deal agreed in January to sell Allied’s poker business.

Allied had previously agreed to sell its poker-related business, including the World Poker Tour, for $78.3m to Element Partners. Under the Bally’s deal, Allied would terminate the Element deal.

Allied said that its board of directors will “evaluate Bally’s proposal in due course”.

“There can be no assurance that the Company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s,” it said.

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