January 12, 2023 3 min read


Golden Matrix to Acquire MeridianBet Group for $300M

The acquisition is providing Golden Matrix with entry into markets outside of its core markets

Developer of gaming technology and content Golden Matrix entered into a definitive agreement to acquire MeridianBet Group for a total consideration of $300 million payable in a combination of cash and stock.

‘Highly Scalable B2C Vertical in New Markets’

The acquisition of Malta-headquartered MeridianBet Group and its related companies will give Golden Matrix access to key markets across Europe, Africa and Latin America via a B2C business that has been experiencing significant growth over the past two years.

“We believe that this acquisition will provide us entry into a well-established and highly scalable B2C vertical in new markets outside of our core markets,” said Brian Goodman, chief executive officer of Golden Matrix, hailing MeridianBet’s appeal in terms of “proven business model” built on organic growth, “resilience to external economic factors, and exceptional products and technology.”

The transaction close is subject to several customary closing conditions, including Golden Matrix’s ability to raise the funding, completion of due diligence, shareholder approval, and regulatory approvals, and is expected to close in the first half of 2023.

According to Goodman, the rationale behind the acquisition is to strengthen Golden matrix’s position in the global betting and gaming scene, expand into new markets and continue scaling up the business for growth.

Entry into the US and Brazil

Hailing the acquisition agreement as a milestone for MeridianBet Group and its over 1,100 employees, MeridianBet Group’s chief executive officer Zoran Milosevic outlined that what drove the group to enter the agreement was the opportunity “to set an industry standard” in terms of global gaming platforms, strengthen its position with respect to MeridianBet’s “aggressive growth strategy, and enter new markets, in particular the US and Brazil.

“Our brands, which are well known among worldwide online betting and gaming communities, are stronger together; and I am looking forward to working closely with Brian Goodman as we conclude the acquisition,” he added, expressing gratitude to both teams “for their dedication and commitment to finalize this agreement.”

The financial terms approved by the boards of directors of both companies stipulate that Golden Matrix will issue approximately 65.3 million common shares to MeridianBet stockholders calculated on an agreed price of $3.50 per share, and will pay $70 million in cash.

The combination will result in combined pro forma revenue of more than $100 million in the fiscal year 2022, while EBITDA for the year ended October 31, 2022, is estimated to be over $22 million, making the transaction earnings-accretive and financially appealing.

At transaction close, MeridianBet Group of companies will become wholly-owned subsidiaries of Golden Matrix, current MeridianBet Group’s advisor William Scott will join as chairman of the board, while the name and board structure of the acquired company will remain intact.

Lead Author

With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.

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