Golden Matrix and MeridianBet sign amended purchase agreement

The firms have extended the required closing date and modified additional terms of the agreement.

US.- Golden Matrix Group and MeridianBet Group have entered into an amended and restated purchase agreement. The firms have extended the required closing date and modified additional terms of the agreement under which Golden Matrix will acquire the MeridianBet Group and its related companies.

Under the terms of the revised agreement, the cash required to be paid by Golden Matrix at the closing of the transaction has been reduced from $50m to $30m (with $20m in non-contingent cash consideration due post-closing). Golden Matrix is working to obtain the financing required for the transaction. It plans to file the required proxy statement to seek shareholder approval in the third quarter of 2023.

Anthony Brian Goodman, chief executive officer of Golden Matrix, said: “In consideration of the reduced cash amount required to be paid at the closing of the transaction, the revised cash and stock transaction now has a value of approximately $33m, with the stock consideration priced at $3 per share – currently an approximate 38% premium to GMGI’s 30-day VWAP closing price (with 82,141,857 shares of common stock due at the initial closing).

“MeridianBet has increased its year-to-date revenues considerably against last year’s revenues and the proforma performance of the combined company following the acquisition is now projected to be approximately $31m in Adjusted EBITDA for the October 31, 2023 year, and approximately $139m in revenues, based on MeridianBet’s year to date financial statements and financial projections.”

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