Delta Corp, India’s largest gaming and hospitality company, has acquired a 26% stake in Gaussain Networks, an online gaming portal which offers poker, chess and other games through two websites – Adda52.com and Adda52rummy.com.
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Delta Corp is expected to pay parent company Gauss Networks ₹473 million (US$7 million) in cash for the stake and offer optionally convertible preference shares as well as redeemable preference shares to the founder shareholders of Gaussian Networks for eventual amalgamation of the company as its wholly owned subsidiary.
The proposed acquisition and amalgamation is to be completed by 30 June 2017 subject to approval from shareholders, stock exchanges and courts.
Gaggar & Associates, which specializes in gaming law, advised Gauss Networks on the sale. Khaitan & Co advised the company’s promoters.
AZB & Partners advised Delta Corp. The team was led by partner Ashwath Rau with assistance from senior associates Kashish Bhatia, Aditi Singhvi and Devina Deshpande as well as associates Pranav Atit and Karishma Muravne.
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