Gaming operator Delta Corp. has completed its merger with Gauss Networks, the holding company of Adda52, after receiving approval from the National Company Law Tribunal (NCLT), according to a regulatory filing to the Stock Exchange.
Delta Corp said that as part of the deal, it has completed the purchase of 2,501 equity shares and 10,753 compulsorily convertible preference shares of Gauss Networks, representing 25.99 percent of its total share capital.
Following receipt of the certified copy of the NCLT order, Adda52 will officially become a wholly owned subsidiary of Delta Corp, said the company.
Delta Corp’s intention to acquire Adda52 was first announced in October 2016, while shareholders gave the green light for the merger in March this year.
Adda52 is a market leader in the online poker space, and its merger is said to give an instant leadership position in the online poker space to Delta Corp, according to Glaws.
Delta Corp also recently announced it would be be aggressively expanding its already existing online rummy platform and it will very soon also foray into fantasy sports and other games through the Adda52 brand.