STOCKHOLM, July 2, 2019 /PRNewswire/ -- Net Gaming has acquired maxfreebets.co.uk, which together with bettingonline.co.uk will become the Group's betting flagship in the regulated UK betting market.
Net Gaming is paying an initial purchase consideration of EUR 1.6 million, with a maximum additional consideration of EUR 0.6 million based on performance over the next 12 months. With the full additional consideration, this corresponds to an EBITDA multiple of about 3.4. The acquisition will be settled in cash from existing reserves, with completion on 1 July 2019.
"I am very pleased to make this betting acquisition, as we have strong confidence in long-term growth generation from our betting vertical. Through the acquisition, we increase our presence in the strategically important regulated UK betting market, while also strengthening our organisation within the betting vertical. We see good potential in the acquired assets," comments Marcus Teilman, CEO of Net Gaming.
For further information, please contact:
Marcus Teilman, President and CEO
Gustav Vadenbring, Group CFO
Net Gaming Europe AB (publ)
Certified Adviser: FNCA Sweden AB, firstname.lastname@example.org , +46-8-528-00-399
The information in this press release is information that Net Gaming Europe AB (publ) is required to disclose under the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 2 July 2019 at 08.00 CET.
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SOURCE Net Gaming Europe