08:57 AM EDT, 08/20/2024 (MT Newswires) -- Golden Matrix Group ( GMGI ) said Tuesday it will acquire an 80% stake in Classics for a Cause, an Australian online discount platform, for about $8.4 million.

Under the agreement, the company will pay 70% in cash and the remaining 30% in restricted stock. It also has the option to buy the remaining 20% interest.

The deal also has provisions for a holdback amount and an earnout, contingent upon Classics for a Cause meeting certain post-closing profit targets, the company said

The company said the acquisition is subject to customary closing conditions, expected to be fulfilled within the next several days.