Online Gambling Firms Nio and Gaming Innovation Group Merge

Published Tuesday, February 17, 2015 - Online-Casinos.com
Online Gambling Firms Nio and Gaming Innovation Group Merge

The online gambling industry has been going through changes where takeovers and mergers have developed small companies into major firms. It is interesting to notice the number of articles written today about the process of acquisition and the size and impact of the moves made by big as well as small online gambling operators and software developers.

Now Nio Inc an internet gaming company incorporated in the state of Delaware with offices in Bokeelia, Florida and traded on the Oslo Stock Exchange has announced it will acquire the online gaming firm Gaming Innovation Group. The Share Exchange Agreement to exchange the entire issued share capital of Gaming Innovation Group Ltd. for shares in Nio Inc. in order to create a new entity.

Nio will issue 290 million new Nio shares as consideration for all shares in GIG. GiG may also be entitled to a variable consideration of up to 125 million shares, provided GIG reaches revenue targets of €24 million ($27.4 million) in 2015 and €39 million in 2016.

Nio and GiG commented on the joint company that will follow inclusive strategy by developing proprietary technology and applications into all the verticals provided by the merger.  

Nio’s  Chief executive officer Kjetil Myrlid Aasen commented on the arrangement,  “The agreement strengthens Nio’s iGaming position, capabilities and value creation potential,”  

Managing director of GiG, Robin Reed, also commented, “GiG is teaming up with NIO with a clear vision combining valuable iGaming knowledge and experience to create a platform for investments in industry leading people, products and services.”

The process will combine GiG´s iGaming Cloud platform technology and Nio's Gridmanager technology and know-how, the combined company will be positioned for long-term growth with industry leading sports betting offerings based on both its B2B platform business, and its B2C operator business.

This international merger acquisition is another example of strength being gained by combining the attributes of one firm with another.

 

 

 

 

 

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