Newgioco Group, Inc. agreed to acquireVirtual Generation Limited from Luca Pasquini, Gabriele Peroni, Stefano Volo, Alessandro Bronzuoli and Giovanni Pasquinelli for approximately €4 million.
January 17, 2019
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Newgioco Group, Inc. (OTCPK:NWGI) agreed to acquire Virtual Generation Limited from Luca Pasquini, Gabriele Peroni, Stefano Volo, Alessandro Bronzuoli and Giovanni Pasquinelli for approximately €4 million on January 17, 2019. Pursuant to the agreement, Newgioco has agreed pay a cash payment of €0.108 million and Newgioco’s common shares worth of €0.089 million. The contingent payment included in the form of €2.392 million in cash in 23 equal and consecutive monthly installments of €0.104 million with first such payment due and payable on the date that is one month after the closing date, €1.411 million in Newgioco’s common shares in seventeen equal and consecutive monthly installments of €0.083 million commencing on March 1, 2019. Earn-out also included €0.5 million of Newgioco’s common shares will be paid within one month from the end of the business year 2019. The deal is expected to get closed on January 31, 2019. Julian Doyle of Beard Winter Llp and Leslie Marlow of Gracin & Marlow, LLP acted as legal advisors to Newgioco Group.
Elys BMG Group, Inc. is a global gaming technology company. The Company offers betting platform, which is capable of processing any type of digital game content. The Company offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a business-to-business (B2B) basis in Italy and has B2B operations in three states as well as the District of Columbia in the United States market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks. It offers fully integrated end-to-end sportsbook solution for both B2B and business-to-consumer (B2C) leisure gaming operators. It also offers virtual betting experiences that creates and manages multiple level commercial networks from one dashboard.
Newgioco Group, Inc. agreed to acquireVirtual Generation Limited from Luca Pasquini, Gabriele Peroni, Stefano Volo, Alessandro Bronzuoli and Giovanni Pasquinelli for approximately €4 million.