- Score Media has recently announced that it entered into a $40 million investment agreement with a fund managed and controlled by Fengate Asset Management
Score Media and Gaming Inc. recently announced it has entered into an investment agreement with a fund managed and controlled by Fengate Asset Management. Through Fengate’s private equity team, the firm will invest $40 million / 8% convertible unsecured subordinated debenture in theScore due August 31, 2024 to fund the growth and development of the company’s media and sports betting businesses.
“theScore is focused on becoming a leader in mobile sports gaming in North America and this strategic investment significantly enhances our ability to execute on this plan,” said theScore founder and CEO. “Fengate is recognized as a highly respected and experienced investor across North America, with significant expertise in the gaming industry. They are the perfect strategic investment partner as we launch our best-in-class mobile sportsbook in the United States.”
The private placement of the debenture is expected to close on or about September 5, 2019 and is subject to certain conditions including receipt of the approval of the TSX Venture Exchange.
“We are excited by the opportunity to be partnering with theScore and its entrepreneurial management team. theScore’s unique ability to integrate sports betting into their industry-leading mobile sports media platform makes this investment a strong addition to our growing private equity platform investing across North America,” added Fengate Managing Director and Group Head of Private Equity Justin Catalano, CFA.
