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Novibet names Alevizakos as new group CFO

| By Robert Fletcher
Gambling technology business Novibet has announced the appointment of Al Alevizakos as its new group chief financial officer.
Flutter earnings call

Alevizakos takes on the new role at Novibet with immediate effect. He joins after a two-year spell as managing director of privately-owned investment banking group AXIA Ventures Group. 

Prior to this, Alevizakos served in several investor-focused positions at inter-dealer broker TP ICAP. 

Alevizakos also worked for HSBC, financial services specialist KBW, Italian investment bank Mediobanca and Deloitte.

“With a proven track record of managing top-performing teams on a global scale, Al’s commitment to excellence and sustainable growth is a vital ingredient for our growth journey,” Novibet said in a post on LinkedIn.

“His extensive expertise in capital markets, investment banking and corporate finance and his broad experience in pivotal leadership finance positions instil in us the confidence that, together, we will embark on a journey to steer Novibet to new heights.”

Novibet cancels SPAC merger

The appointment comes after Novibet’s planned merger with special purpose acquisition company Artemis Strategic Investment Corporation fell through.

In March of last year, Artemis Strategic struck a deal with Logflex MT Holding, operating as Novibet, to merge. This would have allowed the operator to list on the Nasdaq exchange.

Artemis had planned to merge into a new subsidiary of Novibet in a transaction based on Novibet’s pre-transaction enterprise valuation of $625.0m (£514.8m/€591.7m). 

After this, Novibet’s ordinary shares were to be listed on Nasdaq. Artemis’ founders and the existing Novibet stakeholders were to hold approximately 75% of the combined business at close.

The implied enterprise valuation of the transaction was approximately $696.0m. 

However, in June this year Artemis announced that the deal would not go ahead. Terms of the merger agreement said it could be called off if did not close by 30 December 2022.

Artemis waited more than five months after this deadline before confirming the merger would not proceed.

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