Delta Corp to Acquire Gaussian Networks, Owner of adda52.com

 

Gaussian Networks

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31 August 2016, India :

Delta Corp. announced on Wednesday that it is acquiring 26 percent of shares in Gaussian Networks Pvt. Ltd., the company that owns and operates India’s largest poker site Adda52.com.

In a filing to the National Stock Exchange of India Ltd., the hospitality company said it expects to pay Rs 47.30 crore ($7.06 million) in cash to acquire 26% of the shares of Gaussian Networks, as well as offer optionally convertible preference shares (OCP) and redeemable preference shares (RPS) to the founder shareholders of Gaussian Networks.

Delta expects the transaction, including securing all regulatory and statutory approvals, to be completed before June 30, 2017.

The gaming and hospitality company holds three of the six issued offshore gaming licenses in Goa in addition to an integrated casino resort in Daman, and three luxury hotel properties in Goa—Deltin Suites, Deltin Palms and Villa Marina by Deltin. The government of Goa has also authorized Delta’s wholly owned subsidiary, Delta Pleasure Cruise Company, to operate MV Royale Flotel – Deltin Caravela on Mandovi River.

Founded by IIT-Delhi alumnus Anuj Gupta, Gurgaon firm Gaussian Networks is an online firm that claims to specialise in games like rummy, poker, chess, scrabble, golf and pool among others. It has products including adda52.com, adda52rummy.com and adda52mart.com to offer online versions of card games and also related products.

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