Golden Matrix eyes growth spurt via $300m Meridianbet purchase

Golden Matrix Group has stressed an aim of maintaining an “ongoing drive to scale the business as a whole at a rapid growth rate” after detailing the $300m purchase of Meridianbet.

The acquisition, which is expected to close during the first half of the current year, is subject to customary closing conditions, including GMGI raising required funding, completion of due diligence and shareholder and regulatory approvals.

Following the acquisition, GMGI expects to be positioned for growth, both organically and through further acquisitions, as well as via supported proprietary technology solutions across retail and online. 

Furthermore, the company is also anticipating that growth opportunities will exist in core markets through Meridianbet in addition to other group-wide B2C brands and market entries.

Following the purchase of the Malta-headquartered online sports betting and igaming group, both companies will continue operating under their respective brands.

Zoran Milosevic, Chief Executive Officer of MeridianBet Group, commented: “Today marks a major milestone for MeridianBet Group and its employees. As a public company traded on Nasdaq, in synergy with Golden Matrix, we expect to set an industry standard when it comes to worldwide gaming platforms and to be in an even stronger position to deliver on our aggressive growth strategy and expand into new markets, including Brazil and the US. 

“Our brands, which are well known among worldwide online betting and gaming communities, are stronger together; and I am looking forward to working closely with Brian Goodman as we conclude the acquisition. 

“I would like to take this opportunity to express my gratitude to Brian for his hard work and determination, in what has been a testing global macro economic environment for all. I thank the entire GMGI and MeridianBet team for their dedication and commitment to finalise this agreement. 

“We are excited about the many opportunities we can pursue together in the years ahead, and we look forward to updating shareholders and employees on our progress and working towards closing the acquisition and continuing as a combined group.”

The Nasdaq-listed Golden Matrix has hailed the purchase as “a unique opportunity” to “grow and expand in a strategic and sustainable way,” with Meridianbet expected to bring “valuable expertise and assets to the combined entity”.

Overall, Golden Matrix said, the transaction is expected to deliver significant benefits from a financial and operational standpoint, as well as driving long-term value for shareholders.

The combined pro forma revenues of both companies is expected to be greater than $100m for the past year, with an EBITDA estimated to be in excess of $22m for the pro forma year ended 31 October, 2022.

“We are thrilled to announce our entry into a purchase agreement with the shareholders of Meridianbet Group. We believe that this acquisition will provide us entry into a well-established and highly scalable B2C vertical in new markets outside of our core markets,” explained Brian Goodman, CEO of Golden Matrix. 

“MeridianBet Group appealed to us with its proven business model that emphasises organic growth, resilience to external economic factors, and exceptional products and technology. 

“We are pleased to be on the path to completing this acquisition and look forward to strengthening and growing our position in the global online betting and gaming industry, expanding into new regulated markets, and maintaining our ongoing drive to scale the business as a whole at a rapid growth rate. 

“MeridianBet Group’s regional market strength, brand awareness and proprietary technology solutions across the enlarged group are also expected to further accelerate our growth and expansion into new territories.”