Golden Matrix Group Finalizes the Acquisition of MeridianBet
The Golden Matrix Group, the B2B and B2C gaming technology company, has announced the completion of its proposed acquisition of the MeridianBet Group, the online sports betting and gaming operator.
LISTEN TO THIS ARTICLE:The acquisition was finalized after the Golden Matrix board and shareholders approved the purchase at a special meeting last month. Leadership at the gaming technology company says they believe the acquisition will create a synergy between both businesses and lead to two dynamic casino and sports betting platforms that enjoy a global presence in 17 countries across four continents.
MeridianBet enjoyed successful growth in 2023, and its recent full-year results showed increased revenue of 24% in a year-on-year comparison.
Related: Golden Matrix Group's Acquisition of MeridianBet Looms
This is a momentous occasion and one that we believe will result in a fundamental, as well as a transformational, change for our rapidly growing company. The consolidated business is expected to deliver significant increases in both revenues and profitability, and we believe we are now well-positioned to continue our growth trajectory and deliver incremental value to all our stakeholders.
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Terms of the Acquisition
Under the terms of the deal, Golden Matrix purchased MeridianBet for $30 million, with a further $20 million in a non-contingent cash consideration following the completion of the deal.
The purchase price was down from an original bid of $50 million, with Golden Matrix managing to reduce its initial bid price by restructuring the deal to include further cash related to performance after completion of the deal.
The purchase of MeridianBet was financed with a mixture of cash, some debt, and a partial stock transfer.
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