Gambling software provider NYX Gaming Group Limited has announced that it acquired Ongame Network Limited, a Gibraltar-based B2B poker network, earlier this week from Amaya Gaming Group Inc. The Ongame business will complement NYX Gaming Group’s market leading casino, bingo and lottery solutions in Europe and the US. The purchase price for Ongame is equivalent to eight times Ongame’s 2015 EBITDA, less any required working capital.
CEO of NYX Gaming Group, Matt Davey, stated that “Ongame is renowned in the gaming industry for its excellent poker products, platform and service. Not only does this acquisition provide NYX Gaming Group with one of the best poker products in the industry, it also gives us access to products that are regulated in several jurisdictions, and more importantly a talent pool that can help grow all parts of our business.”
Davey continued “The addition of Ongame is in line with our objective to continue to grow in Europe and the United States. We are committed to the integration and development of Ongame’s B2B poker network. Further, through this transaction we will strengthen our relationship with one of the most successful gaming companies in the world, the Amaya Gaming Group.”
Concurrently with the acquisition, Amaya Gaming invested in NYX Gaming Group through its subscription for a $10 million unsecured convertible debenture, thereby expanding the existing relationship between the parties. The convertible debenture matures two years from the date of issuance and bears interest at 6.00% per annum, payable at maturity. Interest and principal are payable in NYX Gaming Group’s ordinary shares at Amaya Gaming’s option.