E-sports services provider Gfinity said its Australian joint venture would close at the end of November.
The decision was taken in conjunction with local partner HT&E and followed a strategic review by Gfinity's leadership to refocus the business on core markets.
The business, launched in 2017, had not reached a required level of profitability, Gfinity said, adding that significant additional capital investment was required to make it commercially viable.
'All costs relating to Gfinity's investment in the joint venture have been expensed as incurred,' it added.
'As a result, no material financial write off will be required.' At 1:59pm: (LON:GFIN) Gfinity Plc share price was +0.13p at 4.5p