Leading iGaming affiliate Better Collective has completed its €30m (£27m) takeover of Swedish based affiliate marketing company Ribacka Group AB following its acquisition of all shares in the company.
The entire purchase value of the shares is not to be paid immediately; the initial payment of €15m will be paid in cash at closing while the remaining two instalments of €6m and €9m are to be paid in 2019 and 2020 respectively. This, however, is pending a review of agreed upon performance criteria.
Commenting on the takeover Jesper Søgaard, CEO of Better Collective, stated: “We are truly excited about expanding our position in the Swedish market ahead of the coming regulation. With a strong network of brands in the Swedish market, including speltips.se, Ribacka Group is a great fit for Better Collective.
“We consider Sweden to be one of the most interesting markets for online sports betting in Europe, as we believe a change in market dynamics will expand an already growing market. With the combination of market growth, the successful operation run by Ribacka, and the addition of new talent and visible synergies, we are confident that this acquisition is a strong move for us in Sweden.”
Following the completion of the deal, Ribacka will continue to operate from Stockholm under the name Better Collective Sweden, and will work alongside the Better Collective headquarters in Denmark to ensure that both organisations are operating to their strengths and maintaining transparency.
The Ribacka group, founded in 2012, is expected to generate revenues upwards of six million euros (£5.41m) in 2018, with operating earnings topping five million (£4.51m).
Jesper Ribacka, Founder and CEO of Ribacka Group celebrated the acquisition, announcing: “On behalf of myself and my co-founder of Ribacka Group, I am happy to announce our acquisition by Better Collective.
“Since 2012, we have worked very hard to build strong brands in the Swedish market and, most importantly, a strong team to help us become a success. I trust this new setup will bring us even further, aligning with the core values of transparency and user empowerment that are found at Better Collective.”
The Swedish gambling authority announced in November that it has granted its first sportsbook licences to a range of international operators, including Bet365, Nordic Bet and Bwin, which has ended the government-operated monopoly on sportsbook licences.