Indian gaming company Delta acquires stakes in HalaPlay

Delta Corporation, one of the largest gaming and hospitality companies in India, has acquired stakes in the Indian fantasy sports developer HalaPlay. The company has revealed this in a filing with the National Stock Exchange of India.

As per the communication, the company has bought 31,994 equity shares or a 15.52 per cent stake in HalaPlay Technologies Pvt Ltd.

Delta will pay Rs. 15.50 crores in cash for its interest in the fantasy sports operator in two tranches. The hotel and casino company also pointed out that it intends to finalise the transaction before 1 May 2019, subject to conditions precedent by HalaPlay.

Delta is India’s only listed casino and hospitality company. It operates casinos in three Indian provinces where gambling is legal: the states of Goa and Sikkim and the district of Daman. The company operates the Adda52 online gaming operation which features online poker and online games of rummy.

Under the terms of its deal to acquire a minority stake in HalaPlay, Delta said that its wholly owned subsidiary Gaussian Networks Private Limited has entered into an agreement to transfer its fantasy sports business as a going concern to HalaPlay. Gaussian will be allotted 10,320 shares in HalaPlay as a result from the transfer. It will thus acquire a 4.03 per cent stake in the fantasy sports operator.

Delta expects to complete all related transactions by 1 May 2019.