Why the BetMakers (ASX:BET) share price is surging higher

The BetMakers Technology Group Ltd (ASX: BET) share price is on the move on Tuesday following an acquisition update.

At the time of writing, the betting technology company’s shares are up 5.5% to 75.5 cents.

What did Betmakers announce?

This morning the company announced that UK-based Sportech has received shareholder approval for the divestment of its Racing and Digital assets to BetMakers for a total consideration of 30.9 million pounds.

This was the only condition precedent to completion of the acquisition. In light of this, BetMakers will now make a non-refundable initial payment of 6.2 million pounds, with the balance of 24.7 million pounds payable upon completion of the acquisition.

This will occur following satisfaction of…