Shares of NYX Gaming (TSE: NYX) are up sharply today on news of completing an agreement to purchase the 50 percent remaining share of SNG owned by Sportech. SNG is a platform for online casinos and bingos. The transaction furthers NYX’s strategy of building an comprehensive B2B gaming platform.
Total consideration of up to £12.0 million will be paid to Sportech, some in the form of NYX shares. Following the transaction, Sportech will hold approximately 6 percent of the outstanding NYX shares, with a 1 year lockup agreement. The cash component of $5 million Canadian will be payable immediately and $5 million Canadian will be paid by August 19th 2015.