Golden Matrix shareholders approve MeridianBet acquisition
The vote took place at a special meeting this week. Stockholders representing 73.5% of voting shares in Golden Matrix were present for the MeridianBet vote.
This pushes Golden Matrix closer to completing the acquisition. However, the deal remains subject to certain other closing conditions, including the group raising sufficient funding to finance the purchase.
Golden Matrix said it continues to work towards closing the acquisition. Subject to the remaining closing conditions, it hopes to finalise the deal next month.
“We are extremely pleased with the vote and believe that the strong support from our stockholders for the acquisition reflects their belief that the acquisition provides a compelling opportunity to grow our operations, global footprint and the overall business,” Golden Matrix chairman and CEO Brian Goodman said.
More delays?
Golden Matrix agreed to buy MeridianBet in January of last year, with the agreement worth around $300.0m (£234.9m/€275.0m).
Initially, it was hoped the deal would close in H1 of 2023. However, Golden Matrix made several amendments, pushing the closing date back to Q4 of 2023.
Further amendments were made in October, pushing the closing date back again, this time to Q1 of 2024. Golden Matrix in January said this was still the case, but the latest update suggests this will now take place in Q2.
Record Q1 for Golden Matrix
Confirmation of shareholder approval comes after Golden Matrix published financial results for its first quarter. Revenue reached $11.8m, a new quarterly record for the operator, while it was also able to post a net profit.
B2C operations, comprising the RKings and Mexico-facing Mexplay brands, accounted for $7.2m of all revenue.
As for B2B, revenue reached $4.6m. Golden Matrix says 808 unique casino operations are supported by its B2B gaming platforms. The total number of users across these partners stands at 8.3 million.
After paying $262,180 in tax and accounting for $197,891 of positive foreign currency translation adjustments, net profit hit $272,396, compared to a $291,262 loss in Q1 of 2023.
In addition, adjusted EBITDA for the quarter increased 33.8% to $1.2m.