Unibet signs agreement to acquire Bet24
11 Apr 2012
The acquisition price for the business and acquired assets is EUR 13.5 million (GBP 11.25 million), payable in cash.
The transaction, which is Unibet’s third targeted at regulated markets in recent months:
Strengthens 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;
Provides synergies and economies of scale.
Nordic Betting Ltd had a gross winning revenue (on consistent basis with Unibet accounting policies) of approximately EUR 10.5 million (GBP 8.75 million) for its latest financial year ended 31 December 2011.
Unibet intends to migrate customers and rebrand the business from Bet24 to Unibet, as well as integrating the business operations, in due course. For the present the business will continue to trade normally as Bet24.
As part of the transaction, Unibet will transfer around 45 employees of Nordic Betting Ltd into its own Maltese operations, in accordance with Maltese law and regulations applicable to the transfer of businesses.
Completion of the transaction is subject to regulatory clearance, where required, and is expected to take place before the end of the second quarter of 2012.
Unibet was founded in 1997 and is an online gambling company listed on NASDAQ OMX Nordic Exchange in Stockholm.