Playtech is expanding its list of partners with the latest investment in NorthStar Gaming, a famous sportsbook and casino operator from Canada. According to the announcement, Playtech invested 12.25m CAD into the Ontario-listed company.
Once the investment is fully finalised, NorthStar Gaming plans to start trading on the TSX Venture Exchange.
The international iGaming leader Playtech is continuing its efforts to expand market outreach and solidify the group’s performance in Canada. According to the latest press release, Playtech invested over 12m CAD in the casino and sportsbook operator from Ontario, Canada. The deal includes an extension of the commercial partnership between the two companies as well.
The provided funds were made via convertible debenture, meaning funding shall convert into shares and warrants once the RTO is finalised. Therefore, Playtech will then become the owner of 16% of the issued and outstanding common shares of the TSX Venture-listed company. That is not all – Playtech will also own warrants which grant the right to increase the stake to exceed 20% of issued and common shares.
Besides receiving funding and in exchange, getting company shares and warrants, the deal extends to a change in personnel as well. Namely, the current Playtech CFO Chris McGinnis, is said to join the board of directors of NorthStar Gaming as a Non-Executive Director. McGinnis’ main role will be to represent the interests of Playtech.
Playtech CEO Mor Weizer spoke of the deal and expressed the company’s excitement over the deepening of the partnership with NorthStar.
“As a key partner of NorthStar in their early stages, we understand and were impressed by NorthStar’s unique business model and product offering, and are excited to further expand our partnership.”
As a reminder, the companies first singed a deal at the end of 2021, when they officially extended their partnership for 10 years. Thanks to this deal, NorthStar gained access to premium tech solutions such as the IMS platform, bingo, poker, live casino, and online casino offering.
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