The previously announced transaction that the group acquires a controlling interest in an entity that owns an active Indian poker brand has been completed by i3 Interactive.
The completion of the transaction marks the latest step in the company’s ongoing efforts to capitalise on the growth of poker internationally and to create long-term value for its shareholders.
This follows the firm detailing a business combination agreement that it said “owns an active Indian poker brand,” earlier in the year with “an arm’s length, private British Columbia corporation.”
Illustrating the intent to rename the brand name, the agreement was said to see an indirect controlling interest gained by a company subsidiary, a wholly owned entity under the name ‘i3 India Holdings Corp.’
There are over a million registrations and 100,000 active users in the operation, which is said to work on a “internationally award-winning mobile poker platform.”
Chris Neville, chief executive officer of i3 Interactive, commented on the purchase said: “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.
“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.”
Neville was named as the sole director and officer of i3 India Holdings Corp. as part of the transaction.