Canada-based media and entertainment company HeadsUp Entertainment International Inc. has inked a letter of intent (LOI) to buy 50% of the shares of VIP Entertainment Group NV (VIP), a Curacao-based global gaming operator dealing with online casino, sports betting and online poker business. There are five sportsbook brands, five online casino brands and an online poker platform under VIP’s fold.
VIP has posted an overall profit of $5,400,000 over the last four years, after processing wagers worth $112,000,000. Even after the outbreak of Covid-19 pandemic, VIP posted robust revenues in August by processing wagers worth $970,000 and generating a net profit of $93,148.
According to the LOI, there will be a three-step due diligence process that could take 30-45 days before formalizing the acquisition.
HeadsUp will form a new management team and Board of Directors after the completion of acquisition.