Delta Corp. has begun procedures to acquire India’s Gaussian Networks, which includes Adda52.com, India’s biggest online poker website.
Delta Corp has proposed paying 155 crore rupees (around $22 million) to acquire Gaussian Networks. The deal will be broken up into an initial payment of 47.30 crores rupees in cash for a total of 26 percent of shares and the remaining amount will be paid in the form of Redeemable Preference Shares (RPS) and Optionally Convertible Preference Shares (OCPS), according to yogonet.com.
The deal is expected to be finalized in June 2017 and is subject to all regulatory and statutory approval being obtained from relevant stock-exchanges, shareholders and the courts. Delta Corp is being advised by specialist law firm AZB & Partners while the legal counsel for Gaussian Networks is Khaitan & Co. and Gaggar & Associates.
