NewsGSRM LLC closes acquisition of 1190 Sports

October 20, 2020by Jose Tavares

GSRM LLC, a wholly owned subsidiary of Fanatiz, will be closing today the acquisition of 100% of TVO Sport SpA (aka 1190 Sports), a Chilean stock company. 777 has agreed to fund additional money to Fanatiz so they can close the acquisition and for working capital. The total commitment amount is $2 million, payable over 9 months, with $500k today, $500k in 3 months, $500k in 6 months, and $500k in 9 months. $750k will go towards the acquisition and $1.25 million towards working capital. The 1190 Sports acquisition will be part cash and part shares. 777’s ownership will be maintained at the current level of 39.58% post-close.