- Artemis Strategic Investment (NASDAQ:ARTE) on Wednesday announced a business combination with Logflex MT (dba as Novibet), whereby the companies will merge in a deal that will see Novibet's ordinary shares listed on the Nasdaq.
- The deal is based on Novibet's pre-transaction enterprise valuation of $625M.
- Novibet operates iGaming and online sports betting across Greece, Ireland, Italy and Malta.
- ARTE founders and existing Novibet stakeholder will hold ~75% of the combined company at close.
- The implied enterprise valuation is ~$696M.
- Rodolfo Odoni, current owner of Novibet, will be named chairman of Novibet, while its CEO George Athanasopoulos will remain in that role.
- ARTE will appoint 2 representatives to Novibet's board.
- In Europe, Novibet aims to grow market share and enter additional markets.
- It is finalizing market access deals for 6 U.S. states, while seeking a license to operate in Ontario and other Canadian provinces as they become regulated.
- Novibet is also eyeing Latin America and is close to finalizing a market access deal for Mexico.
- Initial execution against these initiatives is expected to drive growth in 2023 net gaming revenue to ~$200M and EBITDA to ~$37M.
- The deal is expected to close in H2 of 2022.