AsianLogic to buy 12Bet
AsianLogic has agreed terms to acquire fellow Asian operator 12Bet, with plans to integrate the two companies under one holding company.
AsianLogic has agreed terms to acquire fellow Asian operator 12Bet for an undisclosed sum.
AsianLogic chief executive Kan Tang said the addition of 12Bet’s sportsbook strength would complement AsianLogic’s existing casino P2P brands.
“We can now offer our customers a comprehensive ‘best-of-breed’ suite of gaming products. The respective management teams have known each other for many years, so it’s also a great fit going forward operationally especially as we both use the same sportsbook and casino platform providers,” said Tang.
The underlying structures of AsianLogic and 12Bet, both licensed in the Philippines but with European licences in Alderney and the Isle of Man respectively, will be integrated under a newly formed but as yet unnamed holding company.
Asian Poker Tour owner AsianLogic completed its delisting from London’s AIM exchange last July in response to low trading volumes in its shares since listing on the market in late 2007. It had previously declared its intention to focus on its higher margin Asian deposit business following the sale of its wholesale business.
12Bet, which today signed a deal to sponsor snooker’s UK Championship alongside its one-year sponsorship of snooker’s World Open, was granted a licence in September by the Isle of Man Supervision Commission in September. It also sponsors Sevilla FC in Spain and operates betting partnerships with English Premier League football teams Newcastle, WBA and Birmingham City.
Rory Anderson, chief executive for Europe for 12Bet added: “AsianLogic is very strong in the online casino and poker environment as well as controlling land-based brands such as the Asian Poker Tour, and being able to better offer these products to sportsbook customers should enhance revenues across the board.”