Allied Esports Entertainment has completed the sale of its poker assets – including the World Poker Tour – to Element Partners.
The deal is worth $105m and includes 100% of the outstanding capital stock of each of the legal entities connected to Allied Esports’ poker-related assets.
The Allied business now consists only of its core esports business and cash reserves from this transaction.
Allied Esports CEO Frank Ng said: “This is a momentous day for AESE and an opportunity to focus on growing the business in exciting and innovative ways.
“Congratulations to Adam Pliska and his entire team at World Poker Tour as they too move into a new, successful chapter.”
The sale brings an end to a long-running bidding war between Element and Bally’s Corporation.
Element originally agreed a deal in January before an increased Bally’s bid worth $100m put a stop to proceedings.
Element then agreed another deal with Allied Esports before Bally’s lodged another bid which was deemed “superior” by the Allied board. However, Allied upped its offer again to match the $105m Bally’s bid, and Allied accepted this improved deal.