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Nio Inc. acquires Gaming Innovation Group

Discussion in 'Online Casinos' started by rainmaker, Feb 16, 2015.

    Feb 16, 2015
  1. rainmaker

    rainmaker I'm not a penguin CAG webmeister

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    Press release:


    Nio Inc. acquires Gaming Innovation Group​


    The boards of iGaming companies Nio Inc. (Nio) and Gaming Innovation Group (GiG) today announces that they have signed a 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 leading iGaming company.

    GiG is the parent company of several iGaming subsidiaries including the site Guts.com, platform technology provider iGamingCloud.com and online marketing firm Innovation Labs. GiG also holds Zecure Gaming Limited (Rizk.com). GiG will be a 100% subsidiary of Nio and the management team of GiG will continue in their respective positions after completion of the transaction.

    The combined Nio/GiG is aiming at becoming the most customer oriented, partner friendly and innovative company in the iGaming industry and become one of the leading iGaming companies in Europe. The company will follow an end-to-end strategy by developing proprietary technology and applications across the iGaming value chain. Through a vendor-neutral policy, the company will promote openness and connectivity and partner with key players within the industry in order to offer innovative and lean services business to business (B2B) and business to consumer (B2C).

    As part of the combined company’s mission to change the iGaming industry, it will attract iGaming talent, explore additional consolidation opportunities and function as an incubator for passionate and innovative companies within the industry. To promote innovation, these communities will be organized through autonomous companies, while supporting and enabling ideas with technology, people and resources.

    Short term, Nio and GIG will focus on synergistic effects between its B2C operator businesses Guts.com, BetSpin.Com, and Rizk.Com and have financial capacity to ram-up marketing activities

    Sportsbetting is the largest segment within the iGaming industry. By combining 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 sportsbetting offerings based on both its B2B platform business, and its B2C operator business.

    “The agreement strenghtens Nio’s iGaming position, capabilities and value creation potential”, says Kjetil Myrlid Aasen, CEO of Nio.

    “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”, says Robin Reed, Managing Director GIG.

    Nio will issue 290 million new Nio shares as consideration for all shares in GIG. In addition, GiG may be entitled to a variable consideration of up to a maximum of 125 million shares, provided that GIG reaches revenue targets of EUR 24 million in 2015 and EUR 39 million in 2016. Nio’s outstanding shares today is 200,952,974.

    The new shares will be subject to a two years lock-up agreement.

    The closing of the transaction is subject to a satisfactory due diligence review, approval by Nio's Board of Directors and a shareholder approval to increase the authorized shares in Nio. Nio will call for an extraordinary shareholder meeting expected to be hold in March 2015.

    For further information on the transaction, please see separate Nio disclosure “Detailed stock exchange announcement”. Nio will also issue an information memorandum pursuant to and in accordance with the Norwegian Securities Trading Act section 7-3, cf. section 7-5 no. 7.

    About GiG

    GiG is one of the fastest growing companies in European iGaming, growing revenues from less than EUR 2 million in 2012, to EUR 5 million in 2013 and EUR 13 million in 2014. The group is currently employing 53 people.

    Main asset is Guts.com, an online sportsbook and casino having won several industry awards including IGB Best Global Casino in 2015 and Best New Affiliate Program in 2013. Since the launch in May 2013, Guts has attracted more than 120,000 users. Other assets include iGamingCloud.Com, Donkr.Com, Oddsnet.Com, Rizk.com.
     
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