New Delhi [India], Aug 31 (ANI
): Delta Corp Limited today announced its plans to acquire Gauss Network, which owns adda52.com, the company declared to exchanges.
Delta will widen its business horizon and increase its overall footprint, thereby consolidating its overall leadership position.
"The acquisition of the company will be divided partly in cash and equity. Delta Corp operates casinos and resorts in Goa," that company said in a BSE
CNBC-TV18 was the first to report news of this acquisition. Gauss Network is an online gaming portal where one can play online rummy and poker.
"The online gaming space is in is nascent stage in India and poker has been a rage worldwide and Gauss has huge potential," said Group CFO of Delta Corp, Hardik Dhebar.
In an interview to CNBC-TV18, Dhebar also said that the consolidated revenue of Gauss Network
stood at Rs. 47 crore in FY16 and the general EBITDA
margins were in the range of 30-35 percent.
"The net deal cost for the acquisition of Gauss is Rs. 155 crore, he said. It's a debt free company and is highly cash generating. Delta Corp
has rallied over 200 percent in the last six months and one should keep an eye on it in today's trading session post this development," he added. (ANI