12th of April 2012 Author: Johnny Karp
Nordic Betting subsidiary takeover worth EUR13.5 million
Malta-based online gambling group Unibet plc has bought Nordic Betting subsidiary Bet24 for Euro 13.5 million in order to strengthen its Danish market activities. This is also the company's third major transaction in recent months targeted at regulated markets.
In line with Unibet statement, the takeover will "...strengthen Unibet's market position in the recently regulated Danish market and provides additional scale to support further investment to grow market share, supports Unibet's strong organic growth in other Nordic territories; and provides synergies and economies of scale."
Unibet plans to relocate customers and rebrand the business from Bet24 to Unibet although for the time being the business will continue to trade as Bet24.
And in accordance with Maltese law and regulations, Unibet will transfer 45 employees of Nordic Betting Ltd into its own Maltese operations.
Completion of the transaction which is subject to regulatory clearance is expected to take place before the end of the second quarter of 2012.
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