GMGI - Golden Matrix trades higher on MeridianBet acquisition announcement

January, 12 2023 08:35 AM Golden Matrix Group Inc.

Online gaming and eCommerce platforms company Golden Matrix Group ( NASDAQ: GMGI ) was trading ~5% higher pre-market on the acquisition announcement of MeridianBet Group.
GMGI is set to acquire MeridianBet and its related companies in an ~$300M cash and stock transaction.
The two companies have entered into a definitive acquisition agreement for the acquisition.
The acquisition is expected to close in H1.
The combined pro-forma FY22 revenues are expected to be greater than $100M.
GMGI will issue ~65.3M shares to MeridianBet Group shareholders, based on an agreed price of $3.50 per share, and $70M in cash.
The boards of both the companies have approved the transaction.
Source: Press Release

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