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eBet finalises City Index purchase

By Phil Boeyen, ShareChat Business News Editor

Thursday 28th December 2000

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Australian online gambling company eBet (NZSE: EBT) has finalised its A$3 million purchase of sports betting company City Index Australia.

eBet says it has finalised its due diligence enquiries and reached agreement on all substantive commercial terms of the previously announced acquisition of the company, and expects to take control of the company next week.

To pay for the purchase it will issue A$2.5 million of eBet shares with the balance paid by issuing a convertible note.

eBet will also assume City Index's current debt of approximately A$900,000 by way of the issue of a second convertible note, bringing the total cost of the acquisition to A$3.9 million.

City Index is majority-owned by its UK parent company and offers fixed-odds and spread betting via phone, internet and on-course at the Canberra Racecourse.

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