Novibet to go public in $625m merger
Novibet will go public via a $625m merger with Artemis Strategic Investment Corporation, a special purpose acquisition company (SPAC).
In a joint announcement, it was revealed that Artemis will become a new, wholly owned subsidiary of Novibet in a multimillion-dollar deal based on the latter’s pre-transaction enterprise valuation.
Once completed, Novibet’s ordinary shares will be listed on the Nasdaq Stock Market, with Artemis founders and existing Novibet stakeholders to own approximately 75% of the combined company at close.
Novibet, an iGaming and online betting operator, is currently active across four regulated European markets: Greece, Ireland, Italy and Malta.
The company will use the proceeds from the merger to execute what it calls a “multi-pronged growth strategy.”
This involves strengthening its position in the company’s existing European markets while also looking to enter new ones, including Sweden, the Netherlands, Romania, Belgium, Hungary, Germany, France and Spain.
Novibet is also planning an entry into new North American markets, as well as multiple Latin American markets.
“Novibet has a strong record of success developing a superior technical platform to address the global iGaming opportunity in a manner that delivers profitable financial performance and positive cash flow,” said Holly Gagnon, Chairperson and Co-Chief Executive Officer of Artemis.
“This record, combined with its demonstrated ability to successfully and profitably enter new markets as well as the significant opportunity to leverage its competitive advantages in new markets, including in North America, aligns with our original investment thesis and makes Novibet an ideal partner for Artemis.”
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