BRIEF-NYX Gaming Group to acquire Openbet for 270 mln pounds

Mon Apr 4, 2016 7:35am EDT
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April 4 (Reuters) - Nyx Gaming Group Ltd

* NYX Gaming Group is pleased to announce the acquisition of Openbet, the market leading business-to-business sportsbook and digital gaming supplier for £270 million

* Deal for total consideration of 270 million pounds which includes repayment of Openbet's GBP 95.4 million existing third party debt

* Says boards of directors of NYX and Openbet have unanimously approved transaction contemplated by agreement

* William Hill and Sky Betting and Gaming will be participating in deal through preferred equity investment of £100 million

* Expects transaction to be accretive to adjusted earnings per share and provide meaningful free-cash-flow

* Says William Hill has engaged NYX and Openbet in a development program to further modernize Openbet's Technology

* Purchase price will be financed through new senior secured credit facilities, convertible preference shares in a new unit

* Deal will also be financed through placement of new unsecured convertible debentures, "bought deal" private placement offering

* Says NYX expects to generate annual cost synergies of C$4.0 to C$6.0 million and revenue synergies of C$8.0 to C$10.0 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)