GMGI's Acquisition of MeridianBet Expected to Finalize in Q1 2024
Date: 2024-01-10 Author: Dima Zakharov Categories: EVENTS
GMGI's Acquisition of MeridianBet Nearing Completion
The long-anticipated acquisition of MeridianBet by Golden Matrix Group Inc (GMGI) is finally approaching its conclusion. Initially announced in January 2023, this high-stakes deal worth approximately $300 million faced several delays and revisions along the way.
Timeline Adjustments and Ongoing Talks
Originally set to close in H1 2023, GMGI made significant changes to the deal in July, extending the closing date to Q4 2023 and reducing the up-front cash payment. Subsequently, further discussions between the two companies led to another extension, now targeting Q1 2024 as the expected completion date.
MeridianBet's CEO Optimistic
Despite the delays, MeridianBet's CEO, Zoran Milosevic, expressed optimism about the impending acquisition, anticipating it will be finalized in the first quarter of 2024. Milosevic highlighted the potential for the combined company to offer cutting-edge B2B and B2C gaming platforms across multiple global jurisdictions.
Strong Financial Performance in 2023
Alongside the acquisition update, MeridianBet disclosed impressive 2023 financial results. The company reported a 25% increase in revenue compared to the previous year, with EBITDA up 10% and net profit up 6%. These achievements were attributed to innovative product offerings and continued expansion into regulated markets.
Global Expansion and Target Markets
MeridianBet expanded its presence in Kenya in 2023, bringing its operations to a total of 15 jurisdictions across Europe, Africa, and South America. The company also highlighted its plans to obtain a license in South Africa by the end of Q1.
Brazil's Regulatory Impact
Brazil emerged as a key target market for MeridianBet in 2024, following the official approval of sports betting and igaming regulations. The company has already established a presence in Brazil and expressed interest in securing a gaming license in this lucrative market.
In conclusion, the pending acquisition of MeridianBet by GMGI appears to be on the verge of completion, promising a significant impact on the gaming industry. MeridianBet's strong financial performance and strategic expansion plans reinforce its position as a formidable player in the global gaming market.
