NYX Gaming signs up major online casino and mobile operator
News on 8 Aug 2015
News on 8 Aug 2015
NYX Gaming Group Limited announced Friday that it has entered into a long term global agreement to provide online poker and related casino games to planetwin365 and the SKS365 Group, one of the biggest operators in the Italian market, for a minimum of five years.
The partnership will start with the planetwin365 branded site which is expected to launch on NYX Poker in Q4 2015, significantly enhancing that network’s player liquidity.
In addition, the NYX has acquired eGaming Consulting, which previously supplied planetwin365 with their gaming operations.
The current eGaming Consulting team of 14 people located in Belgrade will augment NYX’s existing poker operations and lead to an overall reduction in costs for the company as the Ongame and eGaming Consulting teams are integrated.
The total investment, which includes a mobile platform, is Euro 7.5 million in cash, of which includes Euro 3,375 million will be paid on closing and the remaining paid over the following six months as defined milestones are met.
The purchase price paid is based on a range of 5.5x to 7.5x 2015 estimated EBITDA and financed with cash on hand (which includes the expected revenue from the long term global agreement with planetwin365). The transaction remains subject to gaming regulatory approvals.
“This B2B deal and related acquisitions are important steps to meeting our commitment to shareholders to restructure Ongame and achieve cash flow breakeven for that division by the end of 2015 or early Q1 2016.” said Matt Davey, CEO of NYX.
“A partner such as NYX puts us in a good position to succeed in regulated markets.” said Thomas Smallwood, chief executive of SKS365 Group GmbH, owner of the planetwin365 brand.
