Leovegas Acquires Winga From Paf

LEOVEGAS ACQUIRES WINGA FROM PAF

21st February, 2017 at 14:05:57
Source: http://www.azonlinecasinos.com

Maiden acquisition in group's M&A strategy.

LeoVegas has acquired Italian operation Winga.it from Ålands Penningautomatförening (PAF) for a cash consideration of Euro 6.1 million.

The acquisition aligns with LeoVegas' expansion strategy, providing the company an instantly established position in an important European market.

"This is yet another milestone in LeoVegas' development," said Gustaf Hagman, group chief executive officer of the LeoVegas Group. "The acquisition of Winga.it will enable rapid expansion in Italy, as we are acquiring a company with local knowledge and an established position.

"LeoVegas' expansion strategy is to grow in markets that are either regulated or in the process of being regulated. Our focus on mobile gaming and our proprietary, flexible technology platform create the conditions for a successful acquisition."

LeoVegas sees major opportunity for growth in the relatively "small" Italian mobile gaming market which it believes will be supported by the Italian telecom industry embarking on a significant upgrade to its telecom networks.

Winga.it reported revenues of Euro 8 million over its 2016 full year fiscal period, fifty% of which was generated through its live casino offering. The introduction of the LeoVegas brand into the market will be undertaken gradually, the group said.

Bolstered by its Euro 55 million cash position, LeoVegas said it continues to evaluate other acquisition opportunities.

Related News Tags: , ,



« News index »



INSPIRED DETAILS MULTIPLE DEALS AND PROGRESS

22nd March, 2017 at 20:12:25
Plenty of action at virtual sports provider.

CODERE CHOOSES EVOLUTION GAMING FOR MEXICAN MARKET

21st March, 2017 at 23:23:12
Live casino provider expands into LatAm market.

ENERGYCASINO TAKE ON LIVE DEALER SOLUTION FROM EVOLUTION GAMING

20th March, 2017 at 15:15:56
Expanded live casino offer for UK market.

MEDIALIVE SHOWING OFF VIRTUAL REALITY GAMBLING PRODUCTS AT ITALIAN EXPO

16th March, 2017 at 16:15:59
Live roulette attracting a lot of interest, media reports indicate.

NEW WHITE LABEL ONLINE CASINO LAUNCHED BY ASPIRE GLOBAL

16th March, 2017 at 08:13:32
Slotsmoon is the second brand launched by new white label provider for Stay Gaming.