SKC completes equity investment in gaming innovation group

Monday 4th April 2022

Further to the announcement on 23 December 2021, SkyCity Entertainment Group Limited (SkyCity) advises that it has now completed its €25 million equity investment in Gaming Innovation Group Inc (GiG) following settlement of GiG’s acquisition of Sportnco Gaming SAS on 1 April 2022 (Central European time).

SkyCity has, concurrent with settlement of GiG’s acquisition of Sportnco Gaming SAS, been issued with 13,487,500 new common shares in GiG (New Shares) representing around 11% of GiG’s issued capital. Consequently, SkyCity has become GiG’s largest independent shareholder.

Michael Ahearne, SkyCity’s Chief Executive Officer, will join the GiG Board following completion of the equity investment.

Commenting on the announcement, Michael Ahearne said “we are excited to have completed the equity investment and to expand on our strategic partnership with GiG. GiG delivered a strong FY21 result and has a positive outlook, particularly following the acquisition of Sportnco − a transformational acquisition. SkyCity looks forward to supporting GiG’s future success as a strategic shareholder and through participation on the GiG Board. SkyCity is committed to pursuing the omnichannel opportunity in New Zealand and the partnership with GiG will help us deliver on that vision”.

Comments from our readers

No comments yet