Golden Matrix enters Amended and Restated Purchase Agreement with MeridianBet

The acquisition of MeridianBet will be subject to various conditions, such as Golden Matrix securing funding and shareholder approval.

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Golden Matrix has signed an Amended and Restated Purchase Agreement, with regards to its deal to acquire the MeridianBet Group.

The agreement will extend the required closing date of the acquisition, as well as allow both companies the chance to modify the terms of the agreement.

Through the newly amended agreement, the amount of cash Golden Matrix will be required to pay has been reduced from $50m to $30m, with an additional $20m in non-contingent cash consideration due post-closing.

Anthony Goodman, Golden Matrix CEO, said: “In consideration of the reduced cash amount required to be paid at the closing of the transaction, the revised cash and stock transaction now has a value of approximately $331m, with the stock consideration priced at $3 per share – currently an approximate 38% premium to GMGI’s 30-day VWAP closing price (with 82,141,857 shares of common stock due at the initial closing).

“MeridianBet has increased its year-to-date revenues considerably against last year’s revenues and the pro forma performance of the combined company following the acquisition is now projected to be approximately $31m in Adjusted EBITDA for the October 31, 2023 year, and approximately $139m in revenues, based on MeridianBet’s year to date financial statements and financial projections.

“MeridianBet’s impressive performance thus far in 2023 gives us even greater confidence in the value of this acquisition, which is expected to bring significant benefits to GMGI from both a financial and operational standpoint, and our management team is confident it will drive long-term value for all our stakeholders.”

In the event that Golden Matrix is able to secure the funding, a process it is currently undergoing, the acquisition is set to close in the third or fourth quarter of 2023.


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