Bragg announces details of final Oryx earn-out
Gaming content supplier Bragg Gaming Group has announced it will make an earn-out payment of 47m shares worth €22m (CAD$34,289,200) as the final part of its 2018 acquisition of slot developer Oryx Gaming.
The $0.73 per share deal will be paid by 31 January, 2021 to KAVO Holdings, the vendor of the slot supplier and aggregator.
The payment must first receive shareholder approval before it is finalised, as it will see KAVO hold more than 20% of the shares of Bragg, making it a “control person” of the supplier.
As outlined in October, Oryx managing director Matevž Mazij will be appointed to the Bragg board and KAVO will also gain the right to appoint up to two new directors to the board.
Bragg - then known as GiveMeSport - acquired Oryx Gaming in August 2018, in its first move into the gaming space.
Bragg will also make its first earn-out payment by 31 January, 2021. This payment will consist of €10.55m in cash. Bragg had agreed at the time of the acquisition that the second payment would consist of 45.5m-47m shares worth €22m, depending on the share price.
Initially, the earn-outs were to be paid by 30 September 2020, but this date was pushed back just before the deadline.
With the later date of the earn-out payments, Bragg also announced that Richard Carter, former chief executive of SBTech, joined its board as non-executive chair