Golden Matrix and MeridianBet Sign Amended Purchase Agreement
Golden Matrix Group, a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, and MeridianBet Group, one of Southeast Europe’s leading business-to-consumer (B2C) sports betting and gaming groups, with headquarters in Malta, operating in multiple markets across Europe, Africa and Latin America, have announced that the companies have entered into an Amended and Restated Purchase Agreement, to extend the required closing date and to modify additional terms of the previously announced definitive agreement, pursuant to which GMGI has agreed to acquire the MeridianBet Group and its related companies.
Anthony Brian Goodman, Chief Executive Officer of GMGI, stated, “In consideration of the reduced cash amount required to be paid at the closing of the transaction, the revised cash and stock transaction now has a value of approximately $331 million (£261m/€304m), with the stock consideration priced at $3 per share – currently an approximate 38% premium to GMGI’s 30-day VWAP closing price (with 82,141,857 shares of common stock due at the initial closing).
“MeridianBet has increased its year-to-date revenues considerably against last year’s revenues and the proforma performance of the combined company following the acquisition is now projected to be approximately $31 million in Adjusted EBITDA for the October 31, 2023 year, and approximately $139 million in revenues, based on MeridianBet’s year to date financial statements and financial projections. MeridianBet’s impressive performance thus far in 2023 gives us even greater confidence in the value of this acquisition, which is expected to bring significant benefits to GMGI from both a financial and operational standpoint, and our management team is confident it will drive long-term value for all our stakeholders.”
As a Nasdaq company, GMGI has been seeking opportunities to grow and expand in a strategic and sustainable way and the acquisition of MeridianBet is expected to provide GMGI access to new and fast growing regulated B2C markets in Eastern Europe, which online gambling market, according to a 2023 report by Statista, is expected to reach US $894.60 million in 2023, and US $1.231 billion by 2027.