WPT Enterprises, parent company of the World Poker Tour (WPT), and Allied Esports International, two assets owned by Hong-Kong based Ourgame International Holdings, has been acquired by capital investment group Black Ridge Acquisition Corp.
Black Ridge, based in Minnesota, US has close relations with Lyle Berman, co-founder of WPT. Together the two brands will be merged into a single new entity called Allied Esports Entertainment with the goal to bring the WPT’s two decades of proven business model to the rapidly growing competitive esports market, which is expected to grow to $1.7 billion by 2021.
The deal was approved by both boards of Black Ridge and Ourgame and is expected to close in the first quarter of 2019. The new business is to be publicly traded on NASDAQ under “AESE.” Until then, the company will continue trading as Black Ridge, the group clarified this week.
The transaction projects an initial enterprise value of around $213.8 million, according to the press release.