Stockholm Nasdaq-listed Leo Vegas Group (LeoVegas) has today announced that it has completed its first corporate acquisition by agreeing terms to purchase licensed Italian online casino operator Winga.it.
Updating investors, LeoVegas governance has detailed that it has agreed a €6.1 million cash consideration to buy Winga.it and its related assets outright.
In its acquisition note, LeoVegas detailed that Winga.it had generated circa €8 million in revenue for its full-year 2016 performance. LeoVegas governance states that the purchase of Winga.it will the operator expand quickly within the Italian betting market.
Acquired Winga.it at present has an organisation of 33 employees offering a full-service online casino. The Italian operator has further market presence with an interactive casino broadcast on Sky Italia.
Having closed its first year full year on the Nordic Nasdaq, LeoVegas governance detailed this month that the company was prepared to engage in M&A activity in order to facilitate its European market expansion.
“This is yet another milestone in LeoVegas’ development,” comments Gustaf Hagman, LeoVegas’ Group CEO.
“The acquisition of Winga.it will enable rapid expansion in Italy, as we are acquiring a company with local knowledge and an established position. LeoVegas’ expansion strategy is to grow in markets that are either regulated or in the process of being regulated. Our focus on mobile gaming and our proprietary, flexible technology platform create the conditions to take a leading position in Italy’s mobile gaming market through this exciting acquisition.”