Igaming supplier Mazaii eyed in $500m merger plan

Igaming supplier Mazaii could be set for a US$500m acquisition by and merger with special purpose acquisition company Relativity Acquisition.

Relativity has entered into a letter of intent providing for a proposed business combination that will result in Relativity acquiring 100 per cent of the outstanding equity and equity equivalents of Mazaii.

Mazaii, based in Montreal, Canada, develops and supplies online casino games to brands worldwide.

Its chief executive Eli Baazov said: “We are thrilled to share the transformative journey of Mazaii in revolutionising the online gambling arena. We have fortified our position, expanded our market reach and enhanced our innovative service offerings.

“With our in-house intellectual property and continuous organic growth, we are confident in our ability to disrupt the gaming landscape and achieve highly favourable results for our shareholders beyond 2024.

“This is just the beginning of our journey, and we are excited to shape the gaming industry’s future.”

Relativity CEO and chairman Tarek Tabsh said: “The Mazaii international platform provides a significant opportunity for scalability and revenue growth. This transaction will enhance Mazaii’s competitive advantage and market positioning.”

The two companies hope to finalise a deal before the end of this year.

They are yet to strike a definitive agreement on the deal and the satisfaction of its conditions.

Regulatory approvals and approval of the transaction from the board and shareholders of both companies is also required. “Upon reaching a definitive agreement, the parties shall disclose additional details regarding the proposed transaction,” a statement read.

“Subject to the absence of unforeseen circumstances, the transaction is anticipated to be finalised in the second half of this year.”