i3 Interactive completes acquisition of Indian poker operator

Industry supplier i3 Interactive has completed its acquisition of a controlling interest in an unnamed Indian entity that owns and operates an online poker brand in the county.

New York Senate passes online poker billFirst announced in August, the agreement was completed by a trio of entities, involving a private British Columbia corporation (B.C. Corp.) and a subsidiary of the Canadian business (Subco) alongside i3.

B.C. Corp. and Subco have now joined together as a combined corporate business with the operation running as a subsidiary of i3 Interactive as i3 India Holdings Corp.

i3 Interactive chief executive Chris Neville will lead the combined business as sole director and officer.

i3 India Holdings now holds a 99.4% ownership stake in the Indian entity, but this will be reduced following a reorganisation of the business, as set out under the original agreement.

Following this reorganisation, i3 India Holdings’ ownership interest in the Indian entity will be lowered to 86.1% and, assuming the Indian entity satisfies funding obligations, the entity’s ownership interest in the operating entity will reduce to 64.6%.

Further details of the online poker brand were not disclosed, but it was revealed that the operator has over 1m registrations and 100,000 active users. The brand is active on a global basis and has users in a number of countries.

“With the historical and projected growth of poker in India, i3 Interactive has strategically positioned itself within a key market in order to deliver strong performance and return on shareholder value,” Neville said.

“This acquisition is a significant step forward in executing on our strategy to identify and pursue growth in strategic markets. The Indian poker operation creates an immediate additional stream of recurring revenues from a loyal customer base in an established international market for the poker business.”

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