Lottery.com has formed an amended Stock Purchase Agreement (SPA) to become the majority owner of Nook Holdings.
Described as a sports, health and wellness incubator based in Dubai, UAE, the all-cash deal for Nook Holdings has been valued at approximately $2.5m (£1.85m), meaning Lottery.com will take control of 90% of the firm.
The deal, which is expected to close before the end of the month, will see the firm operate segments of its global sports business from within the Nook premises at One JLT, as it looks to transform the space into “a gateway for sports innovation, investment and integration”.
Matthew McGahan, Chairman and CEO of Lottery.com and Sports.com, said: “Nook is not just a workspace – it’s a thriving community of sports and wellness entrepreneurs. It aligns perfectly with our vision for Sports.com as a global platform for innovation and impact.
“With a successful track record of generating profitable revenue and a stellar reputation, it is the ideal location to continue the global presence of the Sports.com brand. We’re excited to work closely with the businesses already operating inside Nook and help them scale faster, smarter and embrace a global mindset.”
Nook was founded five years ago by Ravi Bhusari, who described the deal as a “defining moment” for the brand.
“We have worked hard over the past few years to build a space that truly serves the needs of the sports and wellness community,” Bhusari said. “Partnering with Sports.com, a visionary brand with global ambitions, unlocks tremendous opportunities for our members.”
The deal has been in the making for the past six months, and falls in line with Lottery.com’s strategic commitment to global growth.
Mark Bircham, Director of Lottery.com and Head of Acquisitions at Sports.com, added: “The quality of the businesses operating at Nook and the energy of the ecosystem they’ve built made it absolutely worth the wait.
“We are ready to roll up our sleeves and begin supporting these companies with everything Sports.com has to offer — from networking and licensing to potential investment and acquisition. This is just the beginning.”
The company has been eyeing up wider exposure over the past few months, with more visibility for the Sports.com brand a particular priority.
Lottery.com has also been looking to carry out a technological upgrade of the platform, including through such acquisitions. It also recently formed a partnership with the Indianapolis 500 – securing even further brand visibility through a high profile sports event. Lottery.com closes $2.5m acquisition of Nook Holdings