Financial terms of the agreement were not disclosed, but it was confirmed that upon closing of the deal, the combined business will operate as Enteractive Media and remain a Nasdaq-listed public company trading under a new ticker symbol.
The board of directors of the combined operation will consist of one director nominated by Parsec Capital and four from Enteractive Media (not to be confused with the Malta-headquartered igaming retention and reactivation business Enteractive Ltd).
The current boards of both businesses have approved the merger and the deal is expected to complete in the fourth quarter of 2022, subject to regulatory clearance and the approval of stockholders in Enteractive and Parsec Capital.
Established in 2013, Enteractive describes itself as the “gateway” between consumers and gambling operators, with its PlayerVision subsidiary providing consumers with gambling-themed television broadcasts, on demand video and “Join in Play” synchronous live video streamed sports wagering programming. It also owns a number of poker media assets and other affiliate sites.
“We are excited to have Enteractive for this business merger and look forward to consummating this transaction,” Parsec Capital chief executive Patricia Trompeter said. “We believe that, with the value proposition Enteractive brings to this transaction, it is well-positioned for substantial growth and sustainability.
“We view the transaction valuation as highly attractive to investors. We believe that through our merger, coupled with the management’s background we have the potential to create significant value for shareholders.”
The deal comes at a time when SPAC mergers have generally slowed. In July, Playtech said that its plans for joint venture Caliplay to list through a SPAC had been scrapped, while last month lotteries business Allwyn said the same was true of its planned merger with Cohn Robins Acquisition Corp.