Under the now definitive terms of the proposed agreement announced in December 2022, GammaRey has merged with GoLogiq as a wholly owned subsidiary in an all-stock transaction. GoLogiq will issue USD 320 million in common stock valued at USD 3 per share in exchange for 100% of GammaRey’s outstanding shares. The transaction is anticipated to be completed within the next few weeks, subject to customary closing terms.
The transaction will follow the spin-off of GoLogiq from Logiq, that was completed in early 2022. The combined company plans to initially focus on the high-growth market of wealth management for Generation Z and Millennials. This economy will be powered by digital banking solutions such as virtual payments, lending, and loyalty, all which can reside in a single, easy to use mobile application or embedded finance solution.
Millennial and Gen Z financial wealth reportedly jumped 25% last year (higher than for Gen Xs and Baby Boomers), and their aggregate assets grew from USD 2.9 trillion to USD 3.6 trillion, as the press release says.
As GoLogiq representatives say, the merger also paves the way to complete a new acquisition target introduced by GammaRey with whom the company is in late stages of negotiation. They anticipate that its more than USD 9 billion in managed assets will further strengthen their value proposition to prospective customers and other high-value acquisition targets. Assuming the completion of certain acquisitions, GoLogiq are currently targeting more than USD 50 million in annualized revenues for 2023.
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