Toronto-listed online gambling technology firm NYX Gaming Group has confirmed its £270m acquisition of rival betting technology outfit OpenBet.

On Monday, NYX announced it had agreed to pay the full £270m in cash to OpenBet’s owners, hedge funders Vitruvian Partners LLP. NYX said it would partially fund the deal via an £80m contribution from UK betting operator William Hill and a further £20m from Sky Betting & Gaming (SB&G).

Hills will also take an additional £10m stake in NYX and has inked a 10-year deal with NYX to further develop Hills’ sports betting, gaming and retail platforms, including the launch of a brand new platform sometime in the next three years.

Hills’ investment will give it a 19% stake in NYX while SB&G will control 5%. Both companies are existing OpenBet clients but neither firm will be granted seats on its board of directors or have access to info on other OpenBet clients, moves that NYX CEO Matt Davey said were key to maintaining OpenBet’s independence.