Amaya Completes Sale Of Chartwell And Cryptologic To N.y.x. Gaming

$150 million paid in cash and shares for well-established online gambling industry firms

The Montreal-based online gambling group Amaya Inc. has advised that it has completed the sale of subsidiaries Chartwell Technology and Cryptologic to the NYX Gaming Group, which has agreed to pay $150 million in cash and shares for the two veteran online gambling firms.
Based on the terms of the deal, NYX takes full ownership of both subsidiaries for $110 million in cash and $40 million in shares and will license back some of their content to Amaya.
Amaya CEO David Baazov said in the presser that the company is divesting its business offerings and focusing on its consumer gaming operations.
Amaya bought Chartwell – a provider of B2B online casino games and platform – in mid-2011; it acquired similarly-focused but in addition an operator Cryptologic in April of the following year.
The terms of the transaction include the sale of 100 percent of the issued and outstanding shares of Chartwell to NYX Digital Gaming (Canada) ULC, and 100 percent of the issued and outstanding shares of Cryptologic to NYX, each pursuant to a share purchase agreement, dated April 9, 2015 (see previous InfoPowa reports).
The transaction includes provision for a subsidiary of Amaya to enter into a supplier licensing agreement with NYX pursuant to which NYX will provide certain casino gaming content to Amaya's real-money casino offering, which Amaya intends to integrate into the PokerStars and Full Tilt branded casino websites.
"We are very proud to have created substantial value in these businesses and to return that value to shareholders," said Baazov. "With our B2B businesses now divested, we can focus on our consumer online gaming operations and enhancing shareholder value through deleveraging."
"We also look forward to our ongoing relationship with these businesses through our licensing arrangement, which will give our casino brands access to the popular and innovative titles from NYX," Baazov added.

Online Casino News Courtesy of Infopowa