Updating the market, Oslo-listed Gaming Innovation Group (GIG) has confirmed that it has entered a binding agreement to acquire Scandinavian online gambling operator Betit Holdings (Betit) in a deal valued at €54 million.
Signing a ‘letter of intent’, GIG is set to issue 153 million new shares in order to inherit Betit assets. Furthermore, industry venture financier Optimizer Invest, a leading shareholder in Betit will convert 10% of GIG subsidiary iGaming Cloud into 56.5 million new GIG shares.
The planned acquisition of Betit sees GIG governance continue its 2016 M&A strategy, which has seen the operator bolster its industry portfolio acquiring Scandinavian affiliate network Magenti Media and sports betting technology provider OddsModel in the past 6 months.
Acquiring Betit assets GIG operations will takeover Nordic-focused igaming brands of Kaboo.com, SuperLenny and Thrills as the operator seeks to establish itself as a leading online gambling operator in the lucrative Scandinavian marketplace.
Confirming the purposed acquisition of Betit, GIG CEO Robin Reed commented
“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 , backed Reed’s comments declaring
“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.”