Global payments technology provider Nuvei announced Friday, April 16, it plans to acquire Mazooma Technical Services, which deals in payments for gaming and sports wagering.
The Canadian company stated in a news release that it had reached a definitive agreement to acquire Toronto-based Mazooma for approximately US$56 million, “plus additional consideration subject to the achievement of specific performance criteria (over a maximum 3-year period from the closing date) of up to a total maximum consideration of approximately $315 million.”
According to Nuvei, roughly a quarter of the consideration will likely be paid through subordinate voting shares, with the rest to be paid in cash. The transaction still needs the approval of the Toronto Stock Exchange along with customary closing conditions and is expected to close during this year’s second quarter.
Although headquartered in Canada, Mazooma operates throughout the United States, providing account-to-account payment services for gaming and sports betting customers in several states. The company is integrated with “the majority of U.S. gaming platforms and online gaming and sports betting operators,” and expected to process more than US$2 billion of ACH total volume this year, Nuvei stated.
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