MeridianBet Expects Acquisition by GMGI to Complete by Q1 2024
MeridianBet, a leading online game developer, is anticipating the completion of its acquisition by Golden Matrix Group Inc (GMGI) by the end of the first quarter of 2024.
The agreement between GMGI to purchase MeridianBet, which was struck in January 2023, was valued at around $300.0m. Originally slated for completion in the first half of 2023, GMGI later made adjustments to the deal in July, pushing the closing date back to the fourth quarter of 2023 and reducing the up-front cash payment owed by GMGI.
Further negotiations between the two parties led to additional changes in October, extending the proposed closing date as far back as the first quarter of 2024. Despite earlier hopes for completion before the end of 2023, MeridianBet CEO Zoran Milosevic has stated that it is now likely to be finalized by the end of March.
Milosevic expressed anticipation for the completion of the acquisition, emphasizing the potential for the combined company to offer advanced B2B and B2C gaming platforms in various jurisdictions globally, which in turn would drive long-term value for stakeholders.
In addition to the acquisition news, MeridianBet announced a 25% increase in revenue for the 2023 calendar year, up from 24% in the previous year. The company also reported a 10% year-on-year increase in EBITDA and 6% growth in net profit, attributing this performance to significant new product offerings and expansion into regulated jurisdictions.
As part of its growth strategy, MeridianBet expanded into Kenya in 2023 and now operates in 15 jurisdictions across Europe, Africa, and South America. The company also has plans to secure a license in South Africa before the end of Q1.
Furthermore, MeridianBet highlighted the potential impact of newly approved regulations in the Brazilian market, where it has already established operations and expressed interest in securing a gaming license.
Milosevic expressed excitement about the company’s expansion into new regulated markets and the recent legislation for online casino and sportsbook in Brazil, one of the world’s largest gambling markets.