Golden Matrix completes MeridianBet Group acquisition

Golden Matrix Group has finalized the acquisition of the MeridianBet Group and its related companies. The purchase, which involved a combination of cash, debt, and stock transactions, was approved by Golden Matrix’s Board of Directors and shareholders at a special meeting held on March 19, 2024.

The combination of the two companies’ business-to-business (B2B) and business-to-consumer (B2C) casino, sports betting and tournament platforms is set to create a global enterprise operating in 17 countries on four continents, a press release notes.

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

Brian Goodman, Chief Executive Officer of Golden Matrix, said: “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.” 

“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.”

Brian Goodman, Chief Executive Officer of Golden Matrix

The legal aspects of the transaction were overseen by The Loev Law Firm, PC, representing Golden Matrix, and Howard & Howard, acting on behalf of the sellers. Additional details about the closing and related transactions have been disclosed in the Current Report on Form 8-K filed by Golden Matrix with the Securities and Exchange Commission.

The strategic move to acquire MeridianBet was announced in January 2023, with GMGI aiming to expand its access to regulated B2C markets. Despite initial expectations for the deal to close in the first half of 2023, various amendments and negotiations extended the timeline.

Throughout the acquisition process, several amendments were made to the terms of the agreement. Notably, the cash payment by GMGI at closing was reduced from $50.0 million to $30.0 million, with an additional $20.0 million in non-contingent cash consideration to be paid post-close. Stock consideration was set at $3 per share, with common stock shares totaling 82,141,857.