Golden Matrix completes MeridianBet acquisition

New York-listed Golden Matrix Group has completed its acquisition of Malta-based betting and gaming operator MeridianBet.

Golden Matrix initially agreed a deal in January 2023 to acquire the business for $300 million, comprising $70m in cash and 65.3m common shares in Golden Matrix, based on an agreed price of $3.50 per share.

This was amended in July, with the revised cash and stock transaction valuing the business at $331 million, but with a lower cash consideration.

The acquisition was approved by Golden Matrix’s Board of Directors and shareholders at a special meeting last month.

“This is a momentous occasion, and one that we believe will result in a fundamental, as well as a transformational, change for our rapidly growing company,” said Golden Matrix CEO Brian Goodman. “The consolidated businesses are expected to deliver significant increases in both revenues and profitability; and we believe we are now well-positioned to continue our growth trajectory and deliver incremental value to all our stakeholders.”

The combination of the two companies’ B2B and customer-facing casino, sports betting and tournament platforms creates a global enterprise operating in 17 countries across four continents.

The common stock of the combined company will continue trading on Nasdaq under the GMGI ticker symbol.

Shares in Golden Matrix Group Inc (NASDAQ:GMGI) closed 1.06 per cent higher at $2.86 per share in New York Tuesday.