Gaming Nation completes takeover arrangement
Gaming Nation has finalised its previously announced takeover by OC Special Opportunities Fund.
In August, Gaming Nation revealed that OC Special Opportunities Fund, a private investment fund managed by Orange Capital Ventures, had entered into a plan of arrangement to acquire 100% of the shares in the company.
After earlier this month saying that the deal would go through before the end of November, Gaming Nation has now confirmed OC Special Opportunities Fund has acquired all the issued and outstanding shares of the firm for consideration equal to C$0.95 (€0.62/US$0.74) per share.
Gaming Nation operates a number of businesses; the 5050 Central electronic real-time raffle system; BD Sport Group, which provides in-stadium betting in the UK football market; and sports information websites Fantasy Guru, Fantasy Guru Elite and Pick Nation.
Meanwhile, Gaming Nation has revealed information about its performance in the three months to September 30.
Consolidated revenue at the company amounted to $5.5m in the third quarter, with revenue up 88% on a year-on-year basis compared to the same period in 2016.
Adjusted earnings before interest, tax, depreciation and amortisation came in at $1.1m in Q3, while net loss also totalled $1.1m for the quarter.
As of September 30, Gaming Nation held cash that amounted to $1.9m, as well as assets totalling $69.5m, liabilities of $20.9m and total equity of $48.5m
Scott Secord, president and chief executive of Gaming Nation, said: “The third quarter resulted in significant growth in our business as revenues increased by 88% compared to the same period in 2016.
“The company is pleased with the integration and results of the recently acquired BD Sport Group and the acquisition of Artemis Tech's 50/50 raffle customers.”
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