Issuing a market filing this morning, the governance of Stockholm-listed LeoVegas AB has agreed to sell its live gaming vertical Authentic Gaming to Genting Group for €15 million (£13m).
Updating investors, LeoVegas details that the transaction is undertaken on a ‘debt-free basis’ and represents a return of more than 100% on its investment in the live gaming enterprise.
LeoVegas’ investment in Authentic Gaming was undertaken by ‘LeoVentures’, the Stockholm enterprise’s investment unit specialising in strategic funding of new igaming verticals, designed to accelerate LeoVegas’ corporate value.
Gustaf Hagman, Group CEO of LeoVegas, said: “This is a milestone for LeoVegas. The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level. The deal shows our innovative strength in the Group and our ability to develop and build sustainable companies. We have thereby created shareholder value with more than a 100% return on our investment in Authentic Gaming.”
Taking over Authentic Gaming assets, Genting underlines the importance of the live gaming vertical as the company continues to its digital strategy overhaul.
Jeremy Taylor, Managing Director of Genting Online, commented: “Our global presence in land-based casino gives us a platform to grow online at a fast pace. Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device. With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realise that vision.”