Matt Davey Chief Executive of Toronto-listed igaming supplier NYX Gaming (NYX), has declared that ‘maintaining independence’ will be the key to acquired asset Openbet’s long term success.
Reaching a binding agreement for its £270 million acquisition of Openbet from long-term private equity owners Vitruvian Partners, NYX’s deal will be part funded by William Hill (contributing £80 million) and Sky Betting and Gaming ( £20 million).
Betting platform supplier Openbet, currently supplies that largest share of tier 1 bookmakers for regulated markets. Its current betting portfolio includes key clients Ladbrokes, Coral, Paddy Power Betfair and Betfred.
Responding to concerns regarding NYX deal tie-up with William Hill and SB&G, Davey stated that Openbet would continue its independent stance with no single operator dominating its products or services.
Davey further stated that bid partners William Hill and SB&G would have limited influence on Openbet governance and operations, with no allocated board seat or access to confidential client information.
NYX’s CEO stated that Openbet’s new structure would be outlined as its deal progresses and that his firm was fully focused on maintaining a comfortable and trustworthy platform for industry clients.
Commenting on William Hill and SB&G overall involvement in the funding of the acquisition, Davey stated he believed their participation to be “an endorsement” of NYX Gaming’s plans for Openbet and its position within the market.
Last February William Hill governance had agreed to partner with NYX Gaming, to create a ‘special vehicle’ for the full acquisition of Openbet, targeting a £300 million investment.
Following yesterday’s binding agreement, William Hill is set to invest an additional £10 million equity in NYX Gaming creating a three-year development programme with a view of modernising OpenBet’s technology.