Golden Matrix and MeridianBet have announced that they have entered into an amended and restated purchase agreement.
Global operator of online gaming and ecommerce platforms Golden Matrix has already agreed to acquire MeridianBet Group and its related companies. The new modified terms extend the closing date, as well amend the terms of payment.
Golden Matrix will now only be required to pay $30m at closing, with $20m in non-contingent cash consideration due post-closing, rather than the previously agreed $50m.
The deal is expected to close before the end of the year.
“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, with the stock consideration priced at $3 per share - currently an approximate 38 per cent premium to GMGI’s 30-day VWAP closing price (with 82,141,857 shares of common stock due at the initial closing),” said Anthony Brian Goodman, CEO of GMGI.
“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.”
