Gaming Innovation Group acquires Betit for ?54m
Combined group will operate six Scandinavia-facing brands and aim to leverage Betit's proprietary platform
Gaming Innovation Group (GIG) today announced a ?54m deal to acquire Betit Group as the company looks to create a new powerhouse in the Scandinavian egaming market.
The acquisition will see the exchange of 100% of the shares in Betit into 153.5 million new shares in GIG, which values Betit at approximately ?54m based on GIG’s current share price.
The combined group will operate six Scandinavia-focused brands including Kaboo.com, SuperLenny.com and Thrills.com, while GIG will also aim to leverage Betit’s proprietary front-end platform for its own brands.
“Through this agreement, we team up with some of the most accomplished entrepreneurs in the industry, significantly enhancing our reach to end-users, marketing partners and professionals,” Robin Reed (pictured), CEO of GIG, said.
“Our vision is to make the industry an open and connected eco-system and we will all benefit from the commercial and operational synergies,” Reed added.
Following the deal, Betit shareholder Optimizer Invest has also agreed to convert its 10% holding in GIG’s iGaming Cloud subsidiary into 56.5 million new GIG shares.
Betit Group CEO, Tomas Backman, who will remain within the business once the acquisition is completed, said today was a “very proud day” for his team.
“In less than three years, we have managed to build a successful multi-brand company and have now secured a great deal and a bright future for our shareholders,” he said.
“To be honest we would probably not have done a deal at this stage with anyone else other than Gaming Innovation Group.”
According to a statement released this morning., Betit has achieved approximately 15% average quarterly growth since it was founded in 2013, with revenues of approximately ?20.6m last year.
The deal comes after Betit Group recently agreed a deal to migrate its brands onto Gaming Innovation Group’s iGaming Cloud.