Updating the market, Swedish Aktietorget-listed igaming operator ahaWorld has detailed that it will enter the South American betting market having acquired a majority of equity in an unnamed regional operator.
ahaWorld governance informed investors that the company had signed a ‘letter of intent’ for the transaction of a 51% stake in the South American enterprise. The operator will further be given a 24-month period in which it will have first right to acquire the remainder of the asset.
The Swedish operator detailed that its acquisition would be financed via new share issue in ahaWorld of 4.3 million shares, resulting in a corporate dilution of circa 25.5%. ahaWorld detailed that it had acquired its South American asset a 6X multiple of its EBIT.
The governance of ahaWorld detailed that following its completed investment (expected to be closed Q1 2017), the company will launch the asset across multiple South American markets.
The acquisition sees ahaWorld expand beyond its core market of Scandinavia, the Aktietorget-listed operator currently operates the igaming brands of ‘Sweden Casino’, ‘ahaBingo’, ‘ahaCasino’ and MoboCasino.com.
At present ahaWorld governance has not disclosed any comment on its South American investment.