Online betting and iGaming operator, Novibet, currently active across the four regulated European markets of Greece, Ireland, Italy and Malta, will go public via a $625m merger with Artemis Strategic Investment Corporation, a special purpose acquisition company (SPAC).
Artemis will become a wholly owned subsidiary of Novibet in a deal based on Novibet’s pre-transaction enterprise valuation and once completed, Novibet’s ordinary shares will be listed on the NASDAQ Stock Market, with Artemis founders and existing Novibet shareholders owning approximately 75% of the combined company at close.
In a statement, the company says the proceeds from the merger will be used to fund “a multi-pronged growth strategy” that will include expansion into the new markets of Belgium, France, Germany, Hungary, the Netherlands, Romania, Spain and Sweden, as well as both North America and LatAm territories.
Holly Gagnon, Chairperson and Co-CEO of Artemis, said: “Novibet has a strong record of success developing a superior technical platform to address the global iGaming opportunity in a manner that delivers profitable financial performance and positive cash flow. This record, combined with its demonstrated ability to successfully and profitably enter new markets, as well as the significant opportunity to leverage its competitive advantages in new markets, including in North America, aligns with our original investment thesis and makes Novibet an ideal partner for Artemis.”