Golden Matrix Group subsidiary Meridianbet has acquired Maltese land-based gaming operator Fairbet for an undisclosed amount.
The acquisition gives Meridianbet nine new retail locations on the islands of Malta and Gozo, expanding its retail presence in the country to 20 locations with more than 60 sports betting terminals and over 120 slot machines.
Following completion of the transaction, all Fairbet venues will be rebranded to Meridianbet.
Meridianbet and Fairbet are two of the three operators licensed to offer retail betting and video lottery terminals in Malta, alongside the national lottery’s Izibet brand.
“Completing the acquisition of Fairbet strengthens our position in a market where regulatory barriers create inherent scarcity value,” said Zoran Milosevic, CEO of Meridianbet. “The transaction will enable us to expand our operations and retail infrastructure in Malta, with our technology serving the majority of licensed retail gaming in the country.”
The company said the Fairbet acquisition is part of its ongoing strategy of combining organic growth with selective M&A in markets where regulatory frameworks favour consolidation.
Shares in Meridianbet parent Golden Matrix Group Inc. (NASDAQ:GMGI) gained 5.84 per cent to close at $0.73 per share in New York Friday, and were up a further 2.25 per cent at $0.75 per share in pre-market.
GMGI shares have been trading below Nasdaq’s minimum bid price requirement of $1.00 per share since November 11, breaching listing rules by failing to meet the minimum bid price requirement for a period of 30 consecutive business days.
The company received notification of the deficiency on December 31 and has until June 30 to regain compliance by maintaining a minimum bid price of $1.00 per share for a minimum of 10 consecutive business days.
If GMGI fails to regain compliance by June 30, an additional 180 days may be granted, at which time the company would have to commit to curing the deficiency by effecting a reverse stock split, if necessary.