It has been announced today by Gaming Innovation Group Inc that it has acquired Sportnco Gaming SAS following the signing of a Share Purchase Agreement.
The major gambling operator and provider has received all necessary approvals from the relevant authorities and the board of directors has resolved to complete the purchase.
Additionally, new shares have been issued to shareholders of Sportnco and SkyCity Entertainment Group.
According to reports, Gaming Innovation Group has acquired one-hundred percent of the Sportnco shares for a fee in the region of €51.37 million, €27.87 million of which has already been paid in cash and €23.50 million in new shares.
Furthermore, €18.63 million is to be retained by Sportnco Gaming SAS in existing long term loans.
Towards the end of last year, Gaming Innovation Group and SkyCity entered in to an agreement that brought about €25 million in investment to the former from the latter through direct share issuing. This made up the core of the cash transaction that took place between Gaming Innovation Group and Sportnco Gaming SAS shareholders.
This move is a significant one for Gaming Innovation Group and not only bolsters the providers position in active markets, but allows the brand to continue growing and expanding around the world with innovative platform provision and proprietary solutions.
What’s more, the step opens up additional opportunities for growth and footprint expansion in the iGaming industry and will enhance performance in other product verticals.
Richard Brown of Gaming Innovation Group shared his comments on the acquisition and outlined what it means for the company going forward:
It is with tremendous excitement that we now step forward into the next chapter in GiG’s history.
The team at Sportnco have built a tremendous business, one that is highly complementary to GIG’s offering both in product but also addressable market increase, and now the work begins to realise the truly existing growth opportunities that the business combination can pursue.
We welcome both the owners of Sportnco & SkyCity as shareholders and the staff of Sportnco into GiG organisation and now move forward with full focus on the execution of the post-merger integration plan.
Hervé Schlosser of Sportnco Gaming SAS also commented on the deal and why it was made:
Together with all the teams and shareholders who have built the success of Sportnco and Tecnalis, we are extremely proud of the journey we have accomplished since 2008, and of our integration today into the GIG group. I look forward to opening this new chapter as I am confident that, together, we will offer stronger technology solutions for our customers in the fast-growing regulated markets.