NorthStar Gaming Holdings has entered into an agreement to acquire 100% of Slapshot Media shares.
Slapshot Media is an iGaming marketing and managed services company responsible for providing services to Spreads.ca, an iGaming site owned by the tribal Abenaki Council of Wolinak.
While Spreads.ca will remain unavailable in Ontario after the acquisition, NorthStar Gaming hopes to expand its brand across the rest of Canada via the website.
It is expected that NorthStar will continue to offer its NorthStar Bets sportsbook and online casino to the Ontarian market outside of this deal.
Michael Moskowitz, CEO and Founding Partner of NorthStar, said: "The acquisition of Slapshot expands our ability to enter new markets faster as we look to introduce NorthStar Bets to consumers across the country.
"We are hyper-focused on growing the reach of NorthStar and this strategic acquisition and partnership further positions NorthStar for rapid growth into new markets within Canada."
The total sum of the deal is expected to be CA$1.8m (US$1.3m), which will be payable in 3,272,727 common shares of the company valued at $0.55 per share.
Additionally, Slapshot vendors will be entitled to an earn-out based on the performance of Slapshot following the closing of the deal, currently estimated at CA$500,000.
It is anticipated that NorthStar will close the transaction before 5 May 2023, with the competition subject to further closing conditions.
This announcement comes only a few months after Playtech invested CA$12.25m into NorthStar Gaming to help the company grow in the Canadian market.