i3 Interactive has completed its previously announced transaction which sees the group acquire a controlling interest in an entity which owns an active Indian poker brand.
The completion of the transaction marks the latest step in the company’s continued efforts to capitalise on the international growth of poker, as well as creating long-term value for its shareholders.
This follows the company detailing a business combination agreement with “an arm’s length, private British Columbia corporation” which it said “owns an active Indian poker brand,” earlier in the year.
Highlighting the intention to rename the brand title, the deal was said to see a company subsidiary, a wholly owned entity under the name ‘i3 India Holdings Corp,’ gain an indirect controlling interest.
The operation, which is said to operate on an “internationally award-winning mobile poker platform,” boasts over a million registrations and 100,000 active users.
“We are thrilled to have completed this transaction. With the historical and projected growth of poker in India the company has strategically positioned itself within a key market in order to deliver strong performance and return on shareholder value,” Chris Neville, chief executive officer of i3 Interactive, commented on the purchase.
“This acquisition is a significant step forward in executing on our strategy to identify and pursue growth in strategic markets. The Indian poker operation creates an immediate additional stream of recurring revenues from a loyal customer base in an established international market for the poker business.”
As part of the transaction, Neville was appointed as the sole director and officer of i3 India Holdings Corp.