Enlabs given go-ahead to complete Global Gaming acquisition
Enlabs has announced it has received approval from the Estonian Competition Authority allowing it to complete its takeover of Global Gaming.
The approval from the competition authority was the only condition standing in the way of the Baltics-facing online operator’s offer, which was published in September.
The operator put forward a SEK150m ($17m) offer for Global Gaming last month for the remaining shares of a company it already holds a 67% stake in. That included a cash consideration of SEK11 per share, or a 0.36 exchange for shares in Enlabs, as well as an option for a combination comprising of 50% cash and 50% shares.
The offer, which would be for the remaining 13.6m shares of Global Gaming, values all shares in the operator at approximately SEK450m.
Now the only condition for completion has been met, Enlabs stated the offer has become unconditional and expects to complete the acquisition. Global Gaming shareholders have until 2 November to accept.
In August, Global Gaming saw an operating profit of SEK1.1m for Q2 2020, up from a loss of SEK11.1m in 2019.
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