Golden Matrix Group, Inc., which is a developer of online gaming platforms, has officially announced that they are acquiring Meridian Group for $300 million in cash and stock in a deal expected to close during the first half of 2023.
The company said the following in an official statement: “The combined pro forma revenues of both companies are expected to be greater than $100 million in FY2022, with an EBITDA estimated to be greater than $22 million for the pro forma year ended 31 October, 2022, making the combination financially appealing and earnings-accretive.”
Per terms of the deal, MeridianBet investors will receive 65.3 million common shares of Golden Matrix valued at $3.50 apiece.
“MeridianBet Group, with a strong B2C presence in European, Latin America (LATAM), and African sports betting markets – and over 38% year-on-year revenue growth, Fiscal Year 2022 over 2021 – combined with Golden Matrix’s business-to-business (B2B) gaming platforms supporting over 6.8 million registered users, is expected to result in complementary aspects of the business and a significant increase in market share for both companies,” according to the statement.
“The strategic rationale behind the deal and becoming part of a Nasdaq-listed company is to be more competitive and successful in Brazil, the United States, and other large markets – where market entry for private companies is more challenging,” MeridianBet CEO Zoran Milosevic added in the official statement.