M&A round-up: acquisition deals agreed for No Limit and Wyoming Downs
Both M&A deals were announced late last week. Greenlite did not disclose financial details of the No Limit agreement nor did Clairvest of the Wyoming Downs purchase.
Starting with Greenlite, the company expects its acquisition of No Limit (NLTH) to complete after a 30-45-day due diligence period. NLTH specialises in sports betting, primarily its “No Limit Betting Exchange”.
NLTH also runs a daily fantasy sports platform and allows customers to use cryptocurrency, including its own NoLimitCoin offering.
Should the deal proceed as expected, NLTH founder Rafael Groswirt will become CEO of the merged entities.
In addition, Greenlite and NLTH are working on synergies to support the enlarged business moving forward. This includes securing strategic media partnerships, podcast initiatives and celebrity collaborations
“The timing of this alliance couldn’t be better,” Greenlite chairman Russell Elbaum said. “With the launch of our new Sports Podcast Network led by Defo’s ‘Bury Your Bookie’ show, we’re primed to drive significant daily traffic to No Limit’s exchanges and platforms.”
Groswirt added: “Greenlite provides No Limit with the resources and platforms necessary to make our mark among the industry giants. The extensive sports and media connections of Greenlite’s top management and largest shareholders position us to partner and white-label with some of the biggest players in the game.
“Together, we’re committed to seizing the myriad of opportunities that lie ahead.”
Clairvest and ECL close in on Wyoming Downs
Meanwhile, investment group Clairvest is partnering with ECL Entertainment to purchase Wyoming Downs, a live horse racing and off-track betting (OTB) operator.
Wyoming Downs began live racing operations in the 1980s. The group expanded in 2013 to also begin running OTB. It now has 19 locations live across the state, offering over 1,100 gaming terminals.
ECL, meanwhile, is an owner-operator of historical horse racing (HHR) gaming assets across Kentucky. The Wyoming Downs purchase represents Clairvest’s second partnership with ECL in the HHR space.
“Wyoming Downs is a compelling entertainment option,” Clairvest president and managing director Michael Wagman said. “We believe it will simultaneously support the local community and equine industry positively.”
Marc Falcone and Ron Winchell, co-managing partners of ECL, added: “We look forward to building upon Wyoming Downs’ success to date and will continue enhancing the offering across the state over the next few years with the Clairvest team.
“The horse racing and HHR gaming operations in Wyoming have great potential and we are excited to bring our collective horse racing and HHR experience to the Cowboy State.”