{"id":253408,"date":"2023-01-12T15:23:17","date_gmt":"2023-01-12T21:23:17","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=253408"},"modified":"2023-01-12T18:06:18","modified_gmt":"2023-01-13T00:06:18","slug":"golden-matrix-group-acquiring-meridianbet-for-300-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/","title":{"rendered":"Golden Matrix Group Paying $300M for MeridianBet"},"content":{"rendered":"

Golden Matrix Group, Inc. (NASDAQ: GMGI), a developer of online gaming platforms, announced it is acquiring MeridianBet Group for $300 million in cash and stock.<\/p>\n

\"Golden
An ad for Golden Matrix Group games. The company is buying MeridianBet for $300 million. (Image: Twitter)<\/figcaption><\/figure>\n

The deal, which is expected to close in the first half of this year, will expand Las Vegas-based Golden Matrix\u2019s footprint in rapidly growing business-to-consumer (B2C) markets in Africa, Europe, and Latin America.<\/p>\n

The combined pro forma revenues of both companies are expected to be greater than $100 million in FY2022, with an EBITDA estimated to be greater than $22 million for the pro forma year ended 31 October, 2022, making the combination financially appealing and earnings-accretive,\u201d<\/strong> according to a statement issued by the companies.<\/p><\/blockquote>\n

Golden Matrix has been looking for expansion opportunities and avenues for adding exposure to new international markets — boxes checked by the acquisition of privately held MerdianBet.<\/p>\n

Golden Matrix Investors Need Some Convincing<\/h2>\n

As is often par for the course, the buyer\u2019s shares declined on news of the acquisition,<\/a> with Golden Matrix tumbling more than 7% Thursday on volume that was nearly quadruple the daily average.<\/p>\n

\n

Specific to Golden Matrix, Thursday’s declines could be the result of profit-taking, as the stock surged 61% year-to-date. Investors may also be concerned about the $300 million price tag on the MeridianBet deal, considering that the buyer\u2019s market capitalization was just $117.18 million entering today. That\u2019s well into micro-cap territory<\/a>.<\/p>\n<\/div>\n

Investors may move past the deal’s price point if the purchase bears fruit for Golden Matrix. That\u2019s possible because the combined company could deliver big growth.<\/p>\n

\u201cMeridianBet Group, with a strong B2C presence in European, Latin America (LATAM), and African sports betting markets – and over 38% year-on-year revenue growth, Fiscal Year 2022 over 2021 – combined with Golden Matrix\u2019s business-to-business (B2B) gaming platforms supporting over 6.8 million registered users, is expected to result in complementary aspects of the business and a significant increase in market share for both companies,\u201d according to the statement.<\/p>\n

Golden Matrix\/MeridianBet Deal Terms<\/h2>\n

Under the terms of the transaction, MeridianBet investors will receive 65.3 million common shares of Golden Matrix valued at $3.50 apiece. That\u2019s a slight discount to the stock\u2019s Thursday closing price of $3.80. The target is also receiving $70 million in cash.<\/p>\n

\u201cThe strategic rationale behind the deal and becoming part of a Nasdaq-listed company is to be more competitive and successful in Brazil, the United States, and other large markets \u2013 where market entry for private companies is more challenging,\u201d <\/strong>said MeridianBet CEO Zoran Milosevic in the statement.<\/p>\n

When the acquisition is completed, MeridianBet and affiliated entities will become wholly owned subsidiaries of Golden Matrix, and the buyer\u2019s name will remain in place.<\/p>\n","protected":false},"excerpt":{"rendered":"

Golden Matrix Group, Inc. (NASDAQ: GMGI), a developer of online gaming platforms, announced it is acquiring MeridianBet Group for $300 million in cash and stock. The deal, which is expected to close in the first half of this year, will expand Las Vegas-based Golden Matrix\u2019s footprint in rapidly growing business-to-consumer (B2C) markets in Africa, Europe, […]<\/p>\n","protected":false},"author":46,"featured_media":253409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,16693],"tags":[81903,81966,82041],"acf":[],"yoast_head":"\nGolden Matrix Group Acquiring MeridianBet For $300 Million<\/title>\n<meta name=\"description\" content=\"Golden Matrix Group paying $300 million in cash, stock to buy MeridianBet.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Golden Matrix Group Acquiring MeridianBet For $300 Million\" \/>\n<meta property=\"og:description\" content=\"Golden Matrix Group paying $300 million in cash, stock to buy MeridianBet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T21:23:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-13T00:06:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/GMG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1506\" \/>\n\t<meta property=\"og:image:height\" content=\"844\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/\",\"name\":\"Golden Matrix Group Acquiring MeridianBet For $300 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/GMG.jpg\",\"datePublished\":\"2023-01-12T21:23:17+00:00\",\"dateModified\":\"2023-01-13T00:06:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Golden Matrix Group paying $300 million in cash, stock to buy MeridianBet.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/golden-matrix-group-acquiring-meridianbet-for-300-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/GMG.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/GMG.jpg\",\"width\":1506,\"height\":844,\"caption\":\"An ad for Golden Matrix Group games. 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