Unibet Group plc today announces that it has signed an agreement to acquire the business and certain operating assets from Nordic Betting Ltd, one of the leading participants in the online gaming market in Northern Europe, trading as Bet24. Nordic Betting Ltd operates a wide range of sports and gaming products through its web sites.
The acquisition price for the business and acquired assets is EUR 13.5 million (GBP 11.25 million), payable in cash. Nordic Betting Ltd had a gross winning revenue (on consistent basis with Unibet accounting policies) of approximately EUR 10.5 million (GBP 8.75 million) for its latest financial year ended 31 December 2011.
Unibet intends to migrate customers and rebrand the business from Bet24 to Unibet, as well as integrating the business operations, in due course. For the present the business will continue to trade normally as Bet24.
As part of the transaction, Unibet will transfer around 45 employees of Nordic Betting Ltd into its own Maltese operations, in accordance with Maltese law and regulations applicable to the transfer of businesses.
Completion of the transaction is subject to regulatory clearance, where required, and is expected to take place before the end of the second quarter of 2012.