02:05 PM EDT, 06/27/2024 (MT Newswires) -- FansUnite Entertainment ( FUNFF ) on Thursday agreed to sell its FansUnite US unit that operates its Betting Hero business, to GeoComply Solutions and Hero Group forUS$37.5 million ($51.3 million).

The company expects net proceeds from the sale of about US$20 million after settling the units obligations, assuming the deal closes by Aug. 15. Upon completion of the transaction, the purchaser will be controlled 60% indirectly by Betting Hero's co-founders, Jai Maw and Jeremy Jakary, and 40% by GeoComply.

Under the stock purchase agreement, the company has agreed to distribute 90% of the net proceeds to the holders of common shares.

The distribution is expected to be in the range of about $0.065 to $0.075 per company share.

FansUnite shares were last seen up $0.01 to $0.055 on the Toronto Stock Exchange.

Price: 0.06, Change: +0.01, Percent Change: +22.22