Betsson, a leading Swedish company that offers a number of online gambling products, such as casino, poker, bingo, sports betting and scratch cards is pleased to announce that it has signed an agreement that will see it acquire Losimu Strategine Grupe, the holding company of TonyBet’s Lithuanian business.
In terms of the agreement signed by the parties, Betsson will pay an amount of €4 million for the group in cash as soon as the deal is approved by both boards.
The deal also includes a €2 million performance based bonus that is related to assets milestones in 2017.
Ulrik Bengtsson, the President and Chief Executive Officer at Betsson, commented on the deal by saying that they see strong synergies in this acquisition, through migration of the operator to Betsson’s technical platform and development of the casino offering. He also confirmed that Betsson has secured all TonyBet Lithuanian assets for 3.6 times the firm’s earnings before interest and tax to date for the current financial year.
Bengtsson went on to say that this acquisition is a good strategic fit for Betsson Group as it is the group’s ambition to increase revenue from locally regulated markets. He also said that they have now consolidated their presence in the Baltic region by ensuring local licenses in all three markets and continue to pursue growth across Europe, organically as well as through acquisition.