Meridian Bet Group has published a corporate progress and pending acquisition report.
Golden Matrix Group Inc (GMGI) signed an agreement on 12 January 2023 to acquire MeridianBet Group.
Despite the original announcement stating the deal was expected to close by H1 2023, several amendments mean the two companies are now anticipating closure in Q1 2024.
The deal was valued at approximately $300m and would be completed through cash and stock transactions.
Zoran Milosevic, MeridianBet Group CEO, said: “We are extremely pleased with our strong year-on-year operating results and continued expansion into new regulated markets.
“We are especially excited about the recent legislation for online casino and sportsbook in Brazil one of the world's largest gambling markets.
“We look forward to the completion of the acquisition by Golden Matrix, now expected in the first quarter of 2024, and how the combined company will offer state-of-the-art B2B and B2C gaming platforms in multiple jurisdictions worldwide.”
Since then, MeridianBet reported a 25% increase in revenue growth, a 10% increase in EBITDA and 6% in net profit when compared to figures year-on-year.
MeridianBet’s proprietary platform, Atlas, also launched in 40% of its anticipated jurisdictions.
Currently, MeridianBet operates in 15 jurisdictions across Europe, Africa and South Africa, with a licence for South Africa anticipated to be granted in Q1 2024.
The online sports betting group also signed partnerships with 36 new media companies and integrated products with six online casino platforms.
Milosevic continued: “The completion of this acquisition will drive long-term value for all our stakeholders as we benefit from economies of scale, and from both companies’ historical revenue and profit growth.”
