Provider NYX Gaming Group has completed its takeover of poker network Ongame.
The network has been purchased from Amaya Gaming Group, the parent company of PokerStars and Full Tilt Poker, for the equivalent of eight times Ongame's 2015 EBITDA, less any required working capital.
The Ongame Network is comprised of 20 online poker sites and has been in operation since the birth of online poker in 1999.
“Ongame is renowned in the gaming industry for its excellent poker products, platform and service,” said NYX CEO Matt Davey.
“Not only does this acquisition provide NYX Gaming Group with one of the best poker products in the industry, it also gives us access to products that are regulated in several jurisdictions, and more importantly a talent pool that can help grow all parts of our business.”
The takeover of the network is concurrent with a $10m unsecured convertible debenture invested by Amaya in NYX Gaming Group, which matures two years from the date of issuance and bears interest at 6% per annum.
NYX is taking its first step into the poker industry, as it is primarily known for being a casino solutions and gaming provider.