Golden Matrix's $300m acquisition of MeridianBet due to complete in Q1
Transaction finally expected to complete more than 12 months after initial disclosure following amendments to payment structure
MeridianBet CEO Zoran Milosevic has claimed the group’s $300m acquisition by Golden Matrix is expected to close during Q1.
The transaction, which was first confirmed in January 2023, has faced 12 months of agreement updates which have ultimately delayed the completion of the deal.
When providing a 2023 trading update, MeridianBet confirmed the transaction should complete before April 2024.
The deal was initially amended in July, which saw the upfront cash payment upon closing reduced from $50m to $30m.
A further update in October saw Golden Matrix allowed to pay up to $20m of the upfront $30m from the “cash-on-hand of MeridianBet Group”.
Milosevic said: “We look forward to the completion of the acquisition by Golden Matrix, now expected in the first quarter of 2024, and how the combined company will offer state-of-the-art B2B and B2C gaming platforms in multiple jurisdictions worldwide.
“The completion of this acquisition will drive long-term value for all our stakeholders as we benefit from economies of scale and from both companies’ historical revenue and profit growth,” he added.
In terms of MeridianBet’s 2023 performance, the group reported a 25% jump in revenue combined with a 10% increase in EBITDA.
The operator is licensed to operate in 15 markets across Europe, Latam and Africa, with Kenya the most recent addition.
The firm expects to be awarded a South African licence during Q1 and it has also submitted an expression of interest to secure a Brazilian licence once the market fully regulates.
Milosevic added: “We are extremely pleased with our strong year-on-year operating results and continued expansion into new regulated markets.
“We are especially excited about the recent legislation for online casino and sportsbook in Brazil, one of the world’s largest gambling markets.”