Octavian and eBet acquisition update

Under a Heads of Agreement signed in November 2006, the ASX-listed eBet was to acquire the larger systems and gaming specialists, Octavian International. The two companies had planned to merge under the new name of Octavian Global Technologies to become one of the gaming world's largest independent providers of games and systems.

An eBet announcement to the Australian Stock Exchange on 11 October stated: “…due to a change in the capital raising environment, amongst other things, they will explore alternatives to the previously announced acquisition of Octavian by eBet. eBet has not ruled out completing this acquisition at some later date.”

Hans Zeidler, Octavian COO, emphasised that this current development, in what have been prolonged negotiations, will not divert Octavian from its global growth plan: “Irrespective of the outcome of the proposed merger with eBet, Octavian will continue its global expansion plans with potential acquisitions and mergers on its own.” Zeidler added that, as part of this continuing expansion, Octavian expects to make a number of further announcements over the coming weeks.

Octavian recently scaled down its presence at G2E Las Vegas in order to focus on concluding the eBet deal which, according to Octavian CEO Harmen Brenninkmeijer, had proved to be “far more complicated and protracted than originally expected.”