Playtech has invested CAD 12.25 million in NorthStar Gaming
Following a reverse takeover deal between NorthStar and Baden Resources, the Ontario-based company is set to begin trading on the TSX Venture Exchange. This transaction grants Playtech ownership of approximately 16% of the issued and outstanding common shares of the brand listed on the venture exchange, with the potential for this stake to increase to 20% or more in the future.
As part of the agreement, Playtech's Chief Financial Officer, Chris McGinnis, will join NorthStar's board of directors as a non-executive director and representative of Playtech.
Mori Weizer, CEO of Playtech, stated, "We are excited to deepen our collaboration with NorthStar and to become a leading online gaming platform in Canada. As a key early-stage partner of NorthStar, we have been impressed by their unique business model and the products they offer. We look forward to further expanding our partnership."
The capital raised by NorthStar will be used to invest in technological innovations for the group's gaming platform, as well as for marketing purposes. Playtech will provide strategic guidance to the operator as NorthStar aims to enhance its presence in Ontario and other Canadian markets.
Michael Moskowitz, CEO and co-founder of NorthStar Gaming, remarked, "Playtech's unparalleled experience in the gaming industry will help NorthStar accelerate growth and rapidly expand our user base. With this additional investment, we anticipate increasing our market share in Ontario and further enhancing premium content for consumers."
In related news, Parthenon Capital is acquiring the gaming division of Global Payments.
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