Difference Capital Sells WorldGaming to Cineplex Entertainment
Difference Capital Financial Inc. has announced that its majority-owned investment WG Ltd. (operating as “WorldGaming”, and formerly as “Virgin Gaming”), has sold its operational assets to Cineplex Entertainment.
WG Ltd. is a leading online gaming platform that facilitates tournaments, leagues and gaming ladders for the competitive gaming community.
As part of the deal, Cineplex will invest USD$10 million to acquire the assets in exchange for 80% ownership of the new company, as well as invest an additional USD$5 million to expand the business model.
Difference Capital expects to receive approximately $6.4 million from the transaction. In addition, Difference Capital will continue to hold a small indirect equity interest in the new company going forward.