Golden Matrix and MeridianBet amend acquisition agreement

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MeridianBet’s significantly raised revenues against last year have accompanied a series of recent amendments to its upcoming acquisition by Golden Matrix.

The proforma performance of the company following the acquisition is now estimated at around $32m in revenues and $27m in Adjusted EBITDA for the October 31 2023 fiscal year.

On September 27, the two companies entered into a First Amendment to Amended and Restated Purchase Agreement. Among the various amendments to the initial agreement was an extension to the required closing date, and also a modification to the financial closing terms.

Two days later, Golden Matrix filed a Current Report on Form 8-K, disclosing excerpts from certain presentations used by GMGI in connection with the funding sought by Golden Matrix to close the transaction.

“These recent filings reinforce the importance of this strategic acquisition, and demonstrate both companies’ willingness and ability to close the transaction,” said GMGI CEO, Anthony Brian Goodman.

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“The amendment allowing GMGI and the sellers to use up to $20 million of the MeridianBet Group’s cash-on-hand at closing (subject to the sole discretion of the sellers), not only provides the company with potential greater flexibility on financing, but we believe also demonstrates the sellers’ confidence in the value of creating a combined entity capable of being greater than the sum of its parts.

“Both MeridianBet Group CEO, Zoran Milosevic, and I are confident that the completion of this acquisition will drive long-term value for all our stakeholders as we seek to benefit from economies of scale and both companies’ historical revenue and profit growth. We are also working closely with our bankers in an effort to raise the most beneficial financing available for the transaction,” concluded Mr. Goodman.

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The acquisition is expected to close in the fourth quarter of 2023 or first quarter of 2024, subject to customary conditions to closing.

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