Last checked at (Sharecast News) - Esports-technology focussed investment company Blue Star Capital updated the market on its investee company Diemens Esports, formerly known as The Cubs Esports, on Monday.
The AIM-traded firm confirmed that Diemens was intending to merge with Critical Hit Entertainment (CHE).
It said it was advised that the merged entity, which would continue to trade under the name CHE, was expected to be one of the largest esport service infrastructure providers in Australia, with combined revenue for 2019 of AUD 0.6m (£0.31m).
CHE would own the largest high school and university student, corporate and club level organised esports networks in Australia, Blue Star said.
It added that CHE intended to continue to develop its esports infrastructure product in Australia, and was planning to raise funds to expand into developing countries in Asia.
Blue Star acquired an interest of 13.3% in Diemens on 6 November, and would have an interest of around 6.6% of the merged entity immediately following the merger.
"This is an exciting development for Diemens and should provide the company with a strong platform to aggressively pursue its Asian expansion plans," said Blue Star Capital chief executive officer Tony Fabrizi.
At 1349 GMT, shares in Blue Star Capital were up 14.62% at 0.15p.
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