16th of May 2011 Author: Glo Wood
Excellent opportunity for Betsson to strengthen its position in the Nordic region
This week the industry learned of the latest move by Swedish gaming firm Betsson AB which has acquired Malta-based sports betting, casino and poker operator Betsafe. It is assessed that the deal's worth is some Euro 60 million, but the upfront purchase price that will be paid by Betsson is Euro 33.4 million in cash and shares.
In addition, an additional purchase price of maxumum Euro 27.5 million may be payable depending on Betsafe's integration and development during 2011. The sum in question corresponds to an estimated 5-6 times Betsafe's EBIT for 2011.
According to Betsson CEO Pontus Lindwall, "This deal will fuel our growth. We strengthen our position in the Nordic region as well as our organization when merging two profitable companies, each of which has proven its ability to gain market share in a highly competitive market environment.'
It was also stressed that all Betsafe employees as well as the brands of both companies should be retained, and that its management will be integrated into Betsson's Malta operational management team, including founders AndrÃ© and Christer Lavold and CEO Henrik Persson, who stated: "This is an attractive solution for Betsafe as we share views with Betsson on how to become successful on the global gaming market. Two strong cultures, with common values and goals, now join forces with the aim to further develop the business and eventually become one of the largest and most profitable players in the market."
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