Dealmakers of the $300m acquisition of Meridian Bet Group by Golden Matrix Group (GMGI) expect the deal to be closed by the end of Q1 2024 trading.
First announced on 12 January 2023, the deal’s forthcoming closure was detailed by the management of Meridian Bet via the publishing of a ‘corporate progress and pending acquisition report’.
Following several amendments, Meridian Bet has accepted terms to finalise the $300m acquisition that will be completed through cash and stock options.
Nasdaq-listed GMGI is a Las Vegas-based B2B technology supplier of turnkey and fully-customised igaming and sports betting platforms for developing markets.
Prior to closing the deal, Meridian Bet experienced approximately 25% revenue growth in 2023, surpassing the 24% growth in the previous year. Additionally, there were increases in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) and Net Profit by around 10% and 6%, respectively.
Zoran Milosevic, MeridianBet Group CEO, said: “We are extremely pleased with our strong year-on-year operating results and continued expansion into new regulated markets. “We are especially excited about the recent legislation for online casino and sportsbook in Brazil, one of the world’s largest gambling markets. “We look forward to the completion of the acquisition by Golden Matrix, now expected in the first quarter of 2024, and how the combined company will offer state-of-the-art B2B and B2C gaming platforms in multiple jurisdictions worldwide.”
MeridianBet operates in 15 jurisdictions across Europe, Africa, and South Africa, with a license for South Africa anticipated to be granted in Q1 2024. The online sports betting group also signed partnerships with 36 new media companies and integrated products with six online casino platforms.