The merger with Artemis Strategic Investment, a special purpose acquisition company, will enable the Malta-based iGaming and online sports betting operator to go public in the US with a listing on the Nasdaq stock market
Logflex MT (doing business as Novibet), a game technology company, has agreed to merge with blank cheque company Artemis Strategic Investment in a deal that values the former at $625m.
Headquartered in Malta, Novibet operates iGaming and online sports betting. The company operates across four regulated European markets, which include Greece, Italy, Ireland, and Malta. The company is expected to foray into North America by the end of this year.
Established in 2010, Novibet has also developed a proprietary vertically integrated technology platform for customer relationship management and technology.
Artemis Strategic Investment is a special purpose acquisition company (SPAC) listed on Nasdaq. The deal will enable Novibet to go public with a listing on the Nasdaq stock market to pursue iGaming and online sports betting opportunities in Europe and the Americas.
Novibet CEO George Athanasopoulos said: “Our proposed combination with Artemis will enable us to both accelerate growth in our existing markets and efficiently enter newer markets.
“We see a significant growth opportunity in North America as our planned launch of operations in the U.S., Canada and Mexico will significantly grow our TAM with our expected initial market access agreements for seven states enabling us to reach 14% of the U.S. population.”
Artemis’ founders and existing stakeholders of Novibet will own nearly 75% of the combined company at the closing of the deal. This is after the assumption that there are no redemptions from Artemis’ stockholders and a cash consideration of $50m is paid to the sole shareholder of Novibet.
Artemis chairperson and co-CEO Holly Gagnon said: “Novibet has a strong record of success developing a superior technical platform to address the global iGaming opportunity in a manner that delivers profitable financial performance and positive cash flow.
“This record, combined with its demonstrated ability to successfully and profitably enter new markets as well as the significant opportunity to leverage its competitive advantages in new markets, including in North America, aligns with our original investment thesis and makes Novibet an ideal partner for Artemis.”
The deal, which is subject to approval by Artemis’ shareholders and other conditions, is anticipated to close in the latter half of this year.