Online competitions organiser Best of the Best (LON: BOTB) is linking up with Globe Invest Ltd to grow international income. Globe Invest will also buy a 29.9% stake from the directors and related parties at 400p a share.
Globe Invest is the family office of Teddy Sagi the founder of gaming technology firm Playtech (LON: PTEC) and owner of Camden Market.
AIM-quoted Best of the Best, which organisers competitions for luxury cars and other prizes, intends to enter a licensing and distribution agreements and a marketing collaboration agreement with Globe Invest, which has affiliates involved in content, software and digital marketing. Globe Invest will licence the Best of the Best business model outside of the UK. Before it became an online business, Best of the Best did operate in airports outside of the UK, including Copenhagen and Dublin.
The marketing agreement will allow Globe Invest to promote Best of the Best content in the UK on a non-exclusive basis. There would be a revenue share or a cost per acquisition model.
Chief executive William Hindmarch will reduce his stake from 32.06% to 11.86% and commercial director Rupert Garton cut his from 9.06% to 3.35%.
Globe Invest will be able to appoint two directors to the board. The management team is likely to be expanded to broaden the expertise. The Best of the Best share price fell 5p to 440p before the announcement of the deal.