Unibet completes Betchoice acquisition
Swedish operator enters Australian regulated market in deal worth £13.6m
Unibet has completed the acquisition of online Australian bookmaker Betchoice following approval by Australian Northern Territory Racing Commission.
As reported by eGaming Review earlier this month, the Swedish operator makes its first foray into the Australian regulated market by taking 100% control of the Sydney-based firm. The deal was worth AU$20m (£13.6m), paid in cash on a debt-free basis.
Henrik Tjärnström (pictured), Unibet CEO, said in a statement: “We are grateful for the licensing authority’s swift processing which means that we get immediate access to the regulated Australian on-line market. The acquisition provides us with a basis to grow market share in Australia and means that Unibet’s gross winnings revenue proportion from re-regulated markets will increase.”
Founder and chairman of Betchoice, Mark Morrissey will remain with the business post-acquisition, and is set to receive a bonus based on five and a half times 2014 EBITDA in Australia.
Unibet has also entered the French market of late, acquiring Solfive SAS for an initial consideration of £4.8m in November last year.