SBC News Voice of the Sports Betting Industry
Scandinavian gambling and entertainment firm Nio Inc has agreed terms to acquire Gaming Innovation Group (GIG) operators of sports betting brand Guts.com, as the company looks to expand its online gambling services in the European market.
Both companies have agreed to a corporate share exchange agreement, which will see the entire share capital of GiG exchanged for a share in Nio Inc in order for both companies to merge and create a new company. Nio Inc will issue 290 million new company shares as consideration for all shares in GIG. The merger deal is awaiting shareholder approval
The deal will see Nio Inc takeover GIG online gambling assets which include platform supplier iGamingCloud and specialist marketing and acquisition agency innovation labs. All GIG assets are expected to be merged under new Nio Inc management.
Nio Inc operates various Internet auction Websites, including Wippy.com, Bogabids.com, Bidoubids.com, and Bidou.ca for entertainment shopping. It also operates online gaming Websites comprising Panda 365.com, LunaCasino.com, and LunaCasino.dk
In a corporate statement Nio Inc stated that in the short term it would focus its new company operations on B2C business units Guts.com, BetSpin.com and Rizk.com.
“The agreement strenghtens Nio’s iGaming position, capabilities and value creation potential”, says Kjetil Myrlid Aasen, CEO of Nio Inc
“GiG is teaming up with NIO with a clear vision – combining valuable iGaming knowledge and experience to create a platform for investments in industry leading people, products and services”, says Robin Reed, Managing Director GIG.
