The deal will see NYX and its co-investment partners SkyBet and William Hill purchase 100% of OpenBet for £270 million. The purchase agreement will be funded by Vitruvian Partners LLP. In addition to NYX's buy-in, William Hill will pay £80 million for their stake, and SkyBet will contribute £20 million for theirs. OpenBet has been racked in debt in recent years, and the purchase will see NYX and its investors paying off the company's £95.4 million in debt.
Commenting on the deal NYX Gaming Group CEO Matt Davey said, "The acquisition of OpenBet by NYX completes the portfolio of industry-leading products and services we offer to our customers. They are two highly complementary businesses with key strengths in regulated markets, technology services and gaming content. It positions NYX as the leading provider of B2B betting and gaming solutions on a global scale."
OpenBet CEO Jeremy Thompson-Hill also commented on the deal, noting: "The joining of OpenBet and NYX is a natural union born out of synergies in product, the customer base and, importantly, culture. It will 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."
The deal is expected to be completed by the end of May, assuming quick regulatory approval by UK officials.
OpenBet has been in operation since 1996 and develops a series sportsbetting and casino games to operators in regulated jurisdictions. The company is based out of London and currently employs more than 500 people throughout the world. It is currently unknown what organizational changes may take place when the deal is completed.