The completion is anticipated to take place in the first quarter of 2023, and the parties have agreed that €20 million will be paid in cash at the time of closing, €10 million will be paid 12 months after closing. The remaining €15 million will be paid 24 months after completion.
During the first nine months of 2022, the websites that Gaming Innovation Group bought brought in €12.9 million in revenue and earned €8.4 million in EBITDA. Going ahead, GiG anticipates that the properties will provide an EBITDA margin between 60% and 70%.
The purchase of Catena Publishing in Malta and Catena Media D.O.O. Beograd in Serbia is included in this deal, structured as a Share Purchase Agreement (S.P.A.) with GiG’s subsidiary Innovation Labs (which is part of GiG Media).
Gaming Innovation Group will fund the initial consideration using cash, a revolving credit facility (R.C.F.) and a share issue. The group adds that current shareholders have pledged to participate in the share issue and the R.C.F., ensuring adequate funding to complete the deal at completion.
Terms and Conditions of Gaming Innovation Group
Gaming Innovation Group (GiG), which specialises in providing turnkey managed service solutions, has inked a head-of-terms agreement with Tier 1 casinos in the United Kingdom to provide these services.
The solution, powered by its industry-leading technology and flexible architecture, consists of the technical platform, fully managed services, frontend development, gaming content, compliance, CRM and marketing. All of these components are powered by GiG’s one-of-a-kind data and GiG Logic rules-based solutions.
As part of the first phase of the cooperation, Gaming Innovation Group will implement its fully managed solution for the online casino operation. The second phase of the relationship will include expanding into other verticals.
GiG’s entire turnkey managed service solution makes digitally changing a retail company online far less complicated while simultaneously lowering the operator’s entry cost. Therefore, this purchase will result in a win-win situation for everyone involved.