Relativity Acquisition Corp Signs LOI for $500M Merger with Mazaii Corp Ltd.
Relativity Acquisition Corp., a special purpose acquisition company, announced that it has entered a letter of intent (LOI) providing for a proposed business combination (the Transaction) that will result in Relativity acquiring 100% of the outstanding equity and equity equivalents of Mazaii Corp Ltd. The Transaction values the Company at an initial enterprise value of $500 million.
Mazaii is a Montreal-based innovator in the iGaming industry, specializing in the creation and distribution of cutting-edge online casino games and betting solutions. The company supplies its advanced gaming content and technology to prominent brands within the sector, enhancing their platforms and player experiences. Through strategic acquisitions, Mazaii Corp expands its market reach and strengthens its product offerings across key regions, including Europe, North America, Latin America, and Asia.
Tarek Tabsh, Chief Executive Officer and Chairman of Relativity Acquisition Corp., said: “The iGaming industry is experiencing rapid growth, with increasing acceptance and legalization in various regions. Growing consumer demand, driven by the increasing penetration of smartphones and internet access, further fuels this expansion. The Mazaii international platform provides a significant opportunity for scalability and revenue growth. This transaction will enhance Mazaii’s competitive advantage and market positioning.”
Eli Baazov, Mazaii’s Chief Executive Officer, said: “We are thrilled to share the transformative journey of Mazaii in revolutionizing the online gambling arena. We have fortified our position, expanded our market reach, and enhanced our innovative service offerings. With our in-house intellectual property and continuous organic growth, we are confident in our ability to disrupt the gaming landscape and achieve highly favorable results for our shareholders beyond 2024. This is just the beginning of our journey, and we are excited to shape the gaming industry’s future.”
The completion of the transaction is contingent upon several factors, including the completion of due diligence, the negotiation of a definitive agreement, the satisfaction of the conditions negotiated therein, applicable regulatory approvals, and approval of the transaction by the board and stockholders of both companies. Upon reaching a definitive agreement, the parties shall disclose additional details regarding the proposed transaction. Subject to the absence of unforeseen circumstances, the transaction is anticipated to be finalized in the second half of this year.
