Playtech and North Star have extended their software and services agreement for 10 more years, following their initial deal in December 2021. This extension is made through an investment in a convertible debenture, which will later convert into equity and warrants related to NorthStar’s proposed reverse takeover of Baden Resources Inc in June 2022. After the completion of the reverse takeover, Playtech will own approximately 16% of NorthStar’s issued and outstanding common shares, with the possibility to increase their stake to over 20% through warrants.
In addition to the investment, Playtech’s Chief Financial Officer, Chris McGinnis, will join the board of directors of the listed entity as Playtech’s non-executive director. Playtech’s CEO, Mor Weizer, expresses excitement about expanding the partnership with NorthStar, emphasizing Playtech’s experience in succeeding in newly regulated markets and their impression of NorthStar’s business model and product offering.
NorthStar’s CEO, Michael Moskowitz, believes that Playtech’s expertise in the gaming industry will help accelerate NorthStar’s growth and expand its user base. With the additional investment, NorthStar aims to increase market share in Ontario and enhance the premium, content-driven experience for consumers.
