betM parent company MIXI bids $353 million for Pointsbet

PointsBet has agreed to be acquired by Japanese sports and entertainment giant Mixi, marking continued international interest in the Australian bookmaking industry.

Announced to the ASX on Wednesday, the deal will provide shareholders with $1.06 in cash per PointsBet share, representing a 27.7% premium on the company’s last closing price.

The agreement values the company at an enterprise value of $353 million and has been unanimously endorsed by the board.

PointsBet chief executive Sam Swanell described the offer as highly attractive for shareholders.

“The price appropriately reflects the value of PointsBet’s world-class technology assets and reputation for wagering excellence in both Australia and Canada,” Swanell said.

Founded in Melbourne in 2017, the online betting company has engaged in discussions with multiple local and international parties in recent months regarding potential deals.

Mixi operates mobile games, sports betting services, and professional sports teams. It also has a licensed Australian subsidiary, betM.

The announcement coincided with the release of PointsBet’s half-year financial results, which reported a 6% revenue increase to $124.4 million and a reduced net loss of $17.2 million.