18th of April 2012 Author: Johnny Karp
Betsson in a new acquisition drive
The latest announcement from the Swedish online gambling group Betsson AB involves news that it is to acquire the Malta-based Nordic Gaming Group and its three sportsbook, casino and poker subsidiaries: NordicBet, Tobet and Triobet.
According to Betsson CEO and President, Magnus Silfverberg, 'Through this transaction, Betsson continues to strengthen its Nordic operations and its leading position amongst the private gaming company alternatives in the Nordic region.
"In addition, Betsson's brand portfolio is strengthened significantly within the betting segment, as NGG receives approximately fifty percent of its revenues from sportsbook operations.'
It appears that Betsson management believes the synergies that can be achieved, for example through the integration of technology platforms and supplier agreements, will bring it more qualified staff, which will help Betsson's strong expansion.
Based on the terms of the deal for the NGG, which Betsson is acquiring from a number of individuals, it has been specified that at closing of the transaction, Betsson will pay a purchase price for the operations totalling Euro 65 million, of which Euro 5 million will be paid either in the form of Betsson shares at a historical 10 day average price or in cash, and the remaining Euro 60 million will be paid in cash.
But apart from the up-front purchase price, an additional earn out, based on the development of NGG during 2012, may become payable by Betsson up to a maximum of Euro 20 million.
It has been assessed by Per Hellberg, CEO of NGG: 'For NGG, this is an attractive solution as the company can incorporate Betsson's global strength into its operations and it strengthens our possibilities to continue to grow rapidly and with good profitability in the Nordic region, the Baltics and Poland.
"The two companies have similar cultures, and we foresee a smooth integration, and believe that we can quickly benefit from each other's strengths.'
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