On Monday, April 4, Las Vegas-based online gaming supplier NYX Gaming Group Limited announced the purchase of the London-based market leading business-to-business sportsbook and digital gaming supplier OpenBet for £270 million.
The transaction is subject to customary conditions and approvals, including regulatory and stock exchange approvals. The corporations expect to receive all of the necessary approvals in May this year and not more than three months after the agreement.
Launched back in 1996, OpenBet powers the most important share of the world's online bets, as in 2014 alone it took over a billion sports bets.
In a note sent to the media on Monday, the corporate announced that "NYX Gaming Group Limited and privately held OB Topco Limited ("OpenBet"), the #1 regulated digital gaming supplier globally, announced today they have got entered right into a binding share purchase agreement pursuant to which NYX will acquire 100% of the issued and outstanding shares of OpenBet from funds managed by Vitruvian Partners LLP, its co-investors and management."
The £270 million operation sees also the participation of William Hill PLC and Sky Betting and Gaming with a purpose to take part in the operation "through a popular equity investment of £100 million in aggregate to partly fund the transaction."
According to NYX Gaming, "the transaction will join together two of the world’s most established and proven suppliers to create a company with the intention to deliver the leading end to finish solution for regulated gaming markets. The combined strength of the 2 businesses will provide customers world wide with premium betting and gaming solutions across all channels."
Besides participating within the £100 million equity investment, William Hill is alleged to have engaged NYX and OpenBet in a three-year development program "to further modernize OpenBet’s technology" that may be estimated to generate £10.0 million in EBITDA to NYX over that three-year period.
Commenting at the operation, the CEO of NYX Matt Davey stated that the purchase of OpenBet by NYX "completes the portfolio of industry-leading services and products we provide to our customers."
Davey believes that the 2 businesses are highly complementary with key strengths in regulated markets, technology services and gaming content. The deal "positions NYX because the leading provider of B2B betting and gaming solutions on a world scale. We're looking ahead to working with OpenBet and their customers to assist them to deliver world-class experiences to their players."
The CEO of OpenBet Jeremy Thompson-Hill said that the operation is a "natural union born out of synergies in product, the client base and, importantly, culture. It's going to enable us to leverage our knowledge, strengths and resources to deliver our customers with best-in-class products and technologies across all verticals and channels."
Similarly, the gang Director of Strategy & Corporate Development at William Hill Robin Chhabra said he was delighted to look William Hill "supporting NYX’s vision for growth and expansion into sports betting alongside its strong gaming proposition. Our investment in NYX builds on our long-standing relationship with both NYX and OpenBet."
As a part of the similar operation, NYX announced also the sale of Ongame, the poker network it acquired from Amaya Inc. in 2014. Speaking to PokerNews, NYX Chief Corporate Development and Marketing Officer Thomas Huw said that the main points regarding this operation can be released within the nearest future, because the company is now all in favour of the purchase of OpenBet.
Although he didn't announce the name of Ongame's buyer nor any financial detail of the operation, Huw confirmed that a partner with proven experience within the industry will tackle all costs, customer contracts and development for the poker product. NYX will retain both an important share of the brand new business and exclusive rights to make use of the poker product across North America."
At present, data from PokerScout show that the Ongame Network was suffering a gentle decline because the average collection of real money ring game players moved from approximately 200 to 130 within the last six months. The network hosts eighteen poker sites, the preferred being Redbet, Betsafe, Betsson, and Redkings.
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