First announced in August, the agreement was completed by a trio of entities, involving a private British Columbia corporation (B.C. Corp.) and a subsidiary of the Canadian business (Subco) alongside i3.
B.C. Corp. and Subco have now joined together as a combined corporate business with the operation running as a subsidiary of i3 Interactive as i3 India Holdings Corp.
i3 Interactive chief executive Chris Neville will lead the combined business as sole director and officer.
i3 India Holdings now holds a 99.4% ownership stake in the Indian entity, but this will be reduced following a reorganisation of the business, as set out under the original agreement.
Following this reorganisation, i3 India Holdings’ ownership interest in the Indian entity will be lowered to 86.1% and, assuming the Indian entity satisfies funding obligations, the entity’s ownership interest in the operating entity will reduce to 64.6%.
Further details of the online poker brand were not disclosed, but it was revealed that the operator has over 1m registrations and 100,000 active users. The brand is active on a global basis and has users in a number of countries.
“With the historical and projected growth of poker in India, i3 Interactive has strategically positioned itself within a key market in order to deliver strong performance and return on shareholder value,” Neville said.
“This acquisition is a significant step forward in executing on our strategy to identify and pursue growth in strategic markets. The Indian poker operation creates an immediate additional stream of recurring revenues from a loyal customer base in an established international market for the poker business.”