Flash Sports plans 51% Nooa stake deal

• Flash Sports & Media signed a non-binding LOI to acquire a 51% controlling stake in Dubai-based Nooa.
• The proposed deal values the purchase at $51 million, paid fully in new Series A preferred stock.
• Flash said the deal could support vertical integration of accommodation for its cricket leagues.

Flash Sports & Media Holdings (NASDAQ:FLZH) signed a confidential, non-binding letter of intent to acquire a 51% controlling interest in Dubai-based hospitality group Nooa.

The proposed transaction values the purchase at $51 million and would be paid entirely through newly issued Series A preferred stock.

Nooa generates about $35 million in annual revenue, according to Flash Sports & Media.

The company said the deal would involve no cash payment and no immediate issuance of common stock at closing, subject to due diligence, financing, definitive agreements and approvals.

Flash Sports & Media said the proposed acquisition is aimed at vertically integrating player and crew accommodation for its cricket leagues.

The company also said the deal may involve a future spin-out and listing of NOAC, though that remains subject to additional approvals and execution steps.