ARTEW - SPAC Artemis Strategic Investment to take iGaming firm Novibet public

Artemis Strategic Investment (NASDAQ:ARTE) on Wednesday announced a business combination with Logflex MT (dba as Novibet), whereby the companies will merge in a deal that will see Novibet's ordinary shares listed on the Nasdaq. The deal is based on Novibet's pre-transaction enterprise valuation of $625M. Novibet operates iGaming and online sports betting across Greece, Ireland, Italy and Malta. ARTE founders and existing Novibet stakeholder will hold ~75% of the combined company at close. The implied enterprise valuation is ~$696M. Rodolfo Odoni, current owner of Novibet, will be named chairman of Novibet, while its CEO George Athanasopoulos will remain in that role. ARTE will appoint 2 representatives to Novibet's board. In Europe, Novibet aims to grow market share and enter additional markets. It is finalizing market access deals for 6 U.S. states, while seeking a license to operate in Ontario and other Canadian provinces as they become regulated. Novibet is also

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SPAC Artemis Strategic Investment to take iGaming firm Novibet public