LEOVEGAS ACQUIRES WINGA FROM PAF
21st February, 2017 at 14:05:57
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: Paf, Live Dealer, Italy