LONDON (CP) - Working though a Toronto-based company, British gambling technology firm CES Software PLC has conditionally agreed to acquire Corcom Inc. of Nevada and assets of its Don Best Sports business.
Founded in 1989, Don Best is an Internet sports information provider based in Las Vegas.
The deal includes payment of $40 million US in cash, the issuance of one million CES shares (TSX:CES) on completion, and the issuance of up to one million more shares based on earnings performance.
For the nine months ended Sept. 30, Don Best lost $250,000 US.
Last August, Corcom agreed to sell Don Best to Celeus Capital Corp., part of JJR Capital Partners (TSX:JJR.P), a Toronto-based private equity firm.
JJR later approached CES with the opportunity to acquire Don Best. JJR has conditionally agreed to assign its rights to CES for 2.24 million ordinary shares. CES will also reimburse Celeus for $1 million US of expenses.