Playtech invests C$12.25m in NorthStar Gaming
Playtech has invested C$12.25m (US$9.1m) in NorthStar Gaming to help grow NorthStar in the Canadian market.
The deal will see Playtech become a strategic investor in NorthStar Gaming in the form of a convertible debenture, which means NorthStar has now completed its round of financing and reverse takeover (RTO) of Baden Resources.
Michael Moskowitz, CEO and a Founding Partner of NorthStar Gaming, said: “Playtech’s unparalleled expertise in the gaming industry will help NorthStar accelerate our growth and rapidly expand our user base. With the additional investment, we look forward to expanding our market share across Ontario, further enhancing our premium, content-driven experience for consumers.”
Meanwhile, Mor Weizer, Playtech CEO, added: “We are excited to deepen our partnership with NorthStar and become the market-leading online gaming platform in Canada.
“As a key partner of NorthStar in their early stages, we understand and were impressed by NorthStar’s unique business model and product offering and are excited to further expand our partnership.”
In recent news, Playtech adjusted its expected EBITDA for 2022 to reflect its ‘strong’ performances.
The supplier’s unaudited adjusted EBITDA for the full year 2022 is expected to be at least €400m, according to Playtech.
Were this to be the case, Playtech’s adjusted EBITDA for 2022 would represent a 26% increase on the full-year 2021.
Playtech added that the driving force for this improved financial outlook has been the success of its B2B and Snaitech businesses.
The company’s results for the full year 2022 will be released on 23 March 2023.
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