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NEWS 31 May 2016

NYX pushes M & A strategy with another deal

By David Cook
NYX Gaming Group has announced another acquisition, following the purchase of UK supplier Betdigital, in a deal worth up to £24.5m.

Betdigital, founded in 2011, is based in the UK, and the cost of the deal will be paid via an upfront cash payment and earn out over three years, with the maximum aggregate consideration being £24.5m, equivalent to a 2.51x EBITDA multiple.

The total assets acquired were under 5% of NYX’s total assets as of 31 March.

The revelation comes less than two weeks after NYX completed its £270m takeover of provider OpenBet, part-funded by William Hill (£80m) and Sky Betting & Gaming (£20m).

There is a link of sorts between the two deals, in that OpenBet is also based in the UK and provides gaming content to all of the leading UK operators.

While OpenBet is primarily associated with sports betting, Betdigital’s content is made up entirely of slot games.

When assessing the OpenBet deal, NYX CEO Matt Davey told Gambling Insider that it was a strategic acquisition as opposed to a cost-driven acquisition, and this deal would appear to be for similar reasons.

Davey said when announcing the deal: “Particularly, Betdigital allows NYX to strengthen its position in the UK market, providing another unique flavour of regional expertise and omni-channel content that will benefit NYX and OpenBet customers and shareholders immediately and over the long term.”
RELATED TAGS: Online | Land-Based | Mergers & Acquisitions
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