Entain has agreed terms to its latest M&A agreement, purchasing Tidal Holdings’ Sportsflare subsidiary, an esports betting development company.

A CSE-listed enterprise, Tidal will sell all issued and outstanding shares in Sportsflare – the operating name of its Tidal Gaming NZ holding – to Entain for a total consideration of $13.25m.

However, the duo have asserted that the transaction has been negotiated ‘at arm’s length’, and is still subject to several conditions, such as Tidal shareholder approval and receipt of all required consents.

Thomas Hearne, Tidal CEO, said: “I am incredibly proud of what the Sportsflare team has done over the last year. Given the capital markets environment, we believed it was best to find a great home for Sportsflare in order to maximise value for Tidal shareholders.