Shareholders of Golden Matrix Group (GMG), a developer, licensor, and global operator of online gaming and eCommerce platforms, systems, and gaming content, have voted to approve the acquisition of B2B sports betting and gaming company MeridianBet Group.
Zoran Milosevic, the Chief Executive Officer of MeridianBet Group, said: ”Today marks a major milestone for MeridianBet, and I am thrilled that the shareholders of Golden Matrix have overwhelmingly voted in favor of the acquisition of MeridianBet.
“By joining forces, we are not only expanding our reach but enhancing our ability to provide customers with a diverse and comprehensive offering whilst creating a leading global betting group. I look forward to announcing the completion of the deal in due course.”
Zoran Milosevic, the Chief Executive Officer of MeridianBet Group
The voting turnout was significant, with stockholders representing 73.5% of the voting shares issued and outstanding on the record date participating in the special meeting.
The CEO and Chairman of Golden Matrix, Brian Goodman, stated: “We are extremely pleased with the shareholder vote and believe that the strong support expressed by our stockholders for the acquisition reflects their belief that the acquisition provides a compelling opportunity to grow our operations, global footprint, and the overall business.”
Brian Goodman, CEO and Chairman of Golden Matrix
However, the completion of the purchase is subject to certain closing conditions, including raising sufficient funding to finalize the transaction. The company aims to meet these conditions and anticipates the closing to occur in April 2024, pending the satisfaction of the requisite conditions.
The acquisition, first announced in January of last year and worth around $300 million, has undergone multiple revisions impacting its deadline. Initially, it was hoped the deal would close in H1 of 2023. However, amendments pushed the closing date back to Q4 of 2023.
Further delays were then made in October, pushing back the closing date again to Q1 of 2024. The latest update suggests the deal could further wait to conclude, perhaps pushing the deadline to Q2.
In January, MeridianBet Group said it achieved about 25% revenue growth in 2023 compared with revenue growth of 24 percent in the prior year. EBITDA (earnings before interest, taxes, depreciation, and amortization) and net profit grew around 10% and 6% respectively from 2022. The company attributed the growth to new product offerings and continued expansion into regulated jurisdictions.