January 16 (SeeNews) - US-based online gaming systems developer Golden Matrix Group (GMGI) signed an agreement to acquire Southeast Europe’s leading business-to-consumer (B2C) sports betting and gaming group, Malta-headquartered MeridianBet Group, and its related companies for 300 million U.S. dollars (277 million euro), it said.
The deal is subject to regulatory approval, but GMGI expects to complete the acquisiton the first half of 2023, the company said in a press release on Friday.
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The deal will provide GMGI with access to new and fast growing regulated B2C markets that have experienced double digit compound annual growth rates since 2020, supported by a network of over 1,100 professionals, it added.
“In synergy with GMGI, we expect to set an industry standard when it comes to worldwide gaming platforms and to be in an even stronger position to deliver on our aggressive growth strategy as well as expanding into new markets,” Meridian Bet CEO Zoran Milosevic said.
Meridian Bet is expected to retain its name and board structure following the acquisition.
The combined pro forma revenues of both companies are expected to be greater than 100 million dollars in the financial year 2022, with an EBITDA estimated to be greater than 22 million dollars for the pro forma year ended October 31, 2022.
Corporate law firms Loev Law and Howard and Howard represented GMGI Meridian Bet Group in this acquisition.
Established in 2001, Meridian Be offers its products and services in 18 countries, including Serbia, Montenegro and Bosnia and Herzegovina. MeridianBet Group had over 38% year-on-year revenue growth in the Fiscal Year 2022 over 2021, according to the press release.
Golden Matrix, based in Las Vegas, develops and licenses proprietary gaming platforms for its extensive list of clients and operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform.
(1 euro = 1.08246 dollars)