SBC News Voice of the Sports Betting Industry
European igaming and sports betting group Betsson AB has confirmed that it has passed all provisions to acquire Georgian betting operator Europe-Bet for a consideration of $50 million (£31 million).
The acquisition deal will see Betsson become the second largest Georgian betting operator, taking 30% market share as the gambling group takes over Europe-Bet’s online and retail betting divisions. Betsson governance further confirmed that it had attached an additional $35 million to its acquisition deal should Georgia’s gambling regulation remain unchanged.
Magnus Silfverberg, CEO & President of Betsson commented on the acquisition
“Europe-Bet has established a strong brand with a competitive multi-product offering in the locally regulated market of Georgia. Together with Betsson’s technology, a foundation for profitable and sustainable growth within and outside Georgia is created”.
In April Betsson had first outlined that it had entered negotiations to acquire Europe-Bet, as the operator’s governance viewed future expansion into new markets.
Europe-Bet recorded 2014 EBIT revenues of $20 million, of which $18 million was attributed to its online operations. The Betsson acquisition deal corresponds to a 2.5 EBIT value of Europe-Bet operations.
Gernandt & Danielsson Advokatbyrå acted as legal advisers to Betsson AB, auditor PwC acted as financial adviser
