Gaming solutions company NYX Gaming Group has completed the acquisition of B2B poker network Ongame Network from Canadian gaming operator Amaya Gaming.
NYX Gaming said the Ongame business will complement its own casino, bingo and lottery solutions both in Europe and the US.
The purchase price for Ongame is equivalent to eight times Ongame’s 2015 earnings before interest, tax, depreciation and amortisation, less any required working capital.
Matt Davey, chief executive of NYX Gaming, said: “Ongame is renowned in the gaming industry for its excellent poker products, platform and service.
“Not only does this acquisition provide NYX Gaming Group with one of the best poker products in the industry, it also gives us access to products that are regulated in several jurisdictions, and more importantly a talent pool that can help grow all parts of our business.
“The addition of Ongame is in line with our objective to continue to grow in Europe and the US.
“We are committed to the integration and development of Ongame’s B2B poker network.
“Further, through this transaction we will strengthen our relationship with one of the most successful gaming companies in the world, the Amaya Gaming Group.”
Concurrently with the deal, Amaya invested in NYX Gaming through its subscription for a $10 million (€8.1 million) unsecured convertible debenture, thereby expanding the existing relationship between the parties.
The convertible debenture is set to mature two years from the date of issuance and will bear an interest at 6.% per annum, payable at maturity.
Interest and principal are payable in NYX Gaming’s ordinary shares at Amaya’s option.
source : www.igamingbusiness.com
