NYX Gaming completes £270 million co-funded acquisition of Openbet

Issuing a market update, NYX Gaming (NYX) governance has confirmed that it has completed its £270 million co-funded acquisition of market leading sports betting platform provider OpenBet.

First announced on 4 April, NYX acquires 100% of OpenBet assets from private equity firm Vitruvian Partners for a total consideration of £270 million, of which William Hill and Sky Betting & Gaming will fund £100 million (William Hill to contribute £80 million / SB&G £20 million).

Advised by Canaccord Genuity and Macquarie Capital the acquisition will further see NYX repay OpenBet’s outstanding £95 million corporate debt.

Announcing the deal’s conclusion, NYX Gaming CEO Matt Davey stated that OpenBet marked ‘next phase of the company’s growth’, as the Toronto-listed gambling technology firm would be able to service ‘exciting player-driven solutions across all verticals and channels’.

“The acquisition reinforces our position as the leading provider of regulated B2B digital gaming solutions. We now turn our focus to planning and executing the strategy to leverage the collective strengths and benefits of scale that the combined business brings to our customers and shareholders,” Davey stated.

NYX now has a combined workforce of 1100 staff based in 14 countries across Europe, North America, Asia, New Zealand and Australia.

In its original OpenBet transaction document, NYX governance detailed that it expects to implement swift co-synergies from the acquisition, with CAD $8-10 million earmarked in annual operational savings.