Betsson to acquire Georgia-based Europe-Bet for $85 m

Swedish firm Betsson has struck a deal to acquire Georgia-based, privately owned gaming operator, Europe-Bet for a total purchase consideration of $85 million.

Under the agreement, which features an initial purchase consideration of $50 million, Betsson will become the second largest local online gaming operator in Georgia with a market share of almost 30 percent.

Having acquired the company from a group of entrepreneurs, the deal includes a clause for a number of Europe-Bet’s founders to remain in strategic positions after the transaction is complete.

Europe-Bet posted revenue of $52.4 million in 2014 while earnings before tax amounted to $20 million.

“Europe-Bet has established a strong brand with a competitive multi-product offering in the locally regulated market of Georgia,” said Magnus Silfverberg, president and chief executive officer of Betsson. 

 

 

 

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