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CLARION EVENTS ACQUIRES 70 PERCENT OF U.K. MEDIA AND EVENTS FIRM
18th December, 2015 at 14:45:58
iGaming Business management to remain with the company.
Online gambling events organiser Clarion Events has announced the acquisition of 70% of iGaming Business, a media and events company founded by Michael Caselli and controlled by Electric Word plc.
Clarion will also buy a further 5.1% from founder Caselli, who will retain the remainder of the shares, in a deal that values the company at £ 19.7 million.
Caselli and the management team at iGaming Business will remain with the company, moving to its premises in southwest London next year.
The gaming interests of Electric Word generated 2014 revenues of £ 5.4 million and 2014 EBITDA of £ 2 million, according to documents associated with the deal.
Clarion's Gaming m.d., Kate Chambers said that Clarion already works closely with iGaming Business and the acquisition will enable the company to combine the strengths within the two groups.
Caselli said that the goal of both companies was to facilitate business with the gaming industry through interaction and information, and the agreement benefits all concerned.
Julian Turner, CEO of Electric Word, said the sale of iGaming Business to Clarion was at an attractive valuation after ten years as part of Electric Word.
"I strongly believe that both they and the business will continue to thrive under Clarion's ownership," he said.
The transaction completes on January 4 next year.
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