The Golden Matrix Group has finalized the acquisition of the MeridianBet Group and its related companies. Golden Matrix’s Board of Directors and shareholders approved the purchase at a special meeting held on March 19.
This purchase involved a combination of cash, debt, and stock transactions.
A press release notes the combination of the two companies’ B2B and B2C platforms. This will create a global enterprise in casino, sports betting, and tournaments. This enterprise will operate in 17 countries on four continents.
Under the ticker symbol “GMGI,” the common stock of the combined company will continue trading on The Nasdaq Capital Market.
Golden Matrix’s Chief Executive Officer, Brian Goodman, stated that this is a momentous occasion. He believes it will bring fundamental and transformational change to their rapidly growing company.
Goodman added that he expects the consolidated businesses to deliver significant increases in both revenues and profitability. He believes they are now well-positioned to continue their growth trajectory and deliver incremental value to all stakeholders.
The Loev Law Firm, PC represents Golden Matrix. Howard & Howard represents the sellers. They oversee the legal aspects of the transaction. The Current Report on Form 8-K filed by Golden Matrix with the Securities and Exchange Commission discloses additional details about the closing and related transactions.
In January of last year, GMGI announced the strategic move to acquire MeridianBet. This aimed to expand access to regulated B2C markets. Different amendments and negotiations extended the timeline. Initially, they expected to close the deal in the first half of 2023.
Several amendments occurred to the terms of the agreement during the acquisition process. They reduced GMGI’s cash payment at closing from $50.0 million to $30.0 million. Additionally, an additional $20.0 million in non-contingent cash consideration is to be paid post-close.
