GIG ACQUIRES BETIT IN EURO 54 BILLION DEAL
30th June, 2016 at 20:14:35
A variety of Nordic-facing online sites change hands in major online casino sale.
Well known Nordic-facing online casino brands Thrills, Kaboo
will soon be part of the Gaming Innovation Group following a Euro 54 million operator acquisition deal in which the Betit Group has been bought by Oslo-based GIG, which already owns Guts, Betspin and Rizk.
On Thursday GIG issued a trading update confirming its agreement to acquire Betit Holdings in a letter of intent which outlines the consideration. GIG will issue 153 million new shares, and venture financer and significant Betit shareholder Optimizer Invest will convert 10% of GIG subsidiary iGaming Cloud into 56.5 million new GIG shares.
The agreement is the latest move in a growth strategy that has seen GIG acquire affiliate management outfit Magenti Media and sports betting technology provider OddsModel this year.
GIG CEO Robin Reed commented Thursday on the new acquisition in a statement, saying:
"Through this agreement, we team up with some of the most accomplished entrepreneurs in the industry, significantly enhancing our reach to end-users, marketing partners and professionals,"
"Our vision is to make the industry an open and connected eco-system and we will all benefit from the commercial and operational synergies. The acquired technology will accelerate our ability to grow and strengthen our base for further M&A activity."
Tomas Backman, CEO of Betit Holdings, added:
"In less than three years, we have managed to build a successful multi-brand company and have now secured a great deal and a bright future for our shareholders.
"To be honest we would probably not have done a deal at this stage with anyone else other than Gaming Innovation Group; they share our view on culture, the importance of product focus and that it is the people who make the company succeed. Together with GIG we will now become a major player in Scandinavia."
Related News Tags: Guts, Kaboo, Thrills