Malta greenlights CVC acquisition of Gaming Labs in strategic M&A deal

The recent approval signals a turning point in how private equity is influencing the standards, scale, and integrity of global gaming, and it highlights the broader challenge of ensuring that financial consolidation does not compromise regulatory rigor or consumer protection.

Regulatory approvals: Malta vs Austria

On 3 July 2025, Malta’s Competition Office formally reviewed the proposed takeover. Avalon Buyer Limited, a newly created UK investment vehicle backed by CVC Funds, announced plans to acquire full control of GLI and its affiliates, Worldwide Laboratories and Kobetron. Following a detailed assessment, the Maltese authorities concluded that the transaction would not substantially lessen competition, noting that both GLI and Avalon would continue to face significant competitive pressures.

The same day, Austria’s Federal Competition Authority opened a merger case and invited public comment until the end of July. While Malta has granted approval, Austria’s review remains ongoing, highlighting the cross-border dimension of gaming compliance and the need for national regulators to coordinate within an increasingly globalized industry.

Private equity M&A tests the integrity of global gaming standards

Through Avalon Buyer Limited, CVC now holds sole control over GLI and its affiliates, consolidating a critical node in the global gaming compliance ecosystem. While Malta’s approval confirms no immediate competition risk, the scale of the operation and GLI’s central role in regulatory testing warrant close scrutiny.

Founded in 1989, GLI has been instrumental in developing and implementing regulatory frameworks in emerging markets such as Australia, Macau, Brazil, and the UAE. Over the past two years, GLI has acquired iTech Labs in Australia (2023) and the Dutch testing house Trisigma (2024), cementing its position as the preeminent global authority for testing, inspection, and certification (TIC) services. These services span performance and pre-certification testing, cybersecurity assessments, regulatory advisory, responsible gaming programs, and professional training -covering the full spectrum of compliance requirements for gaming operators worldwide.

At the same time, the sector is witnessing broader consolidation, with GLI’s main global competitor, BMM Testlabs, also acquired by private investors earlier this year. Within months, the two dominant testing authorities have passed into private-equity hands, raising fundamental questions about the balance between shareholder returns and public accountability. The industry relies on impartial certification to protect consumers, ensure fair play, and support regulators -tasks that are methodical, complex, and often unglamorous. The real test is whether firms like CVC can maintain rigour, independence, and trust while pursuing scale and financial growth.

Industry consolidation and strategic expansion

GLI’s expansion demonstrates its ambition to remain the indispensable referee in a market where credibility is everything. The acquisitions of iTech Labs and Trisigma not only broaden GLI’s geographic reach but also enhance its technical capabilities, reinforcing its central role in establishing uniform global standards.

This consolidation mirrors a broader trend in gaming’s behind-the-scenes infrastructure, where private equity is reshaping the sector at a pace. The Malta approval, while legally and procedurally sound, is part of a wider, cross-border regulatory picture. Austria’s ongoing review highlights the need for vigilance when private capital controls critical compliance mechanisms supporting a multi-billion-dollar industry.

These developments call for closer scrutiny of the fragmented regulatory landscape and raise the question of whether greater harmonisation in decision-making, particularly across EU jurisdictions, is long overdue.