Unibet announces another acquisition

et is to acquire fellow operator iGame Holding for an initial price of €59m.

The initial price is payable fully in cash on completion and Unibet will acquire 100% of iGame’s shares.

iGame’s current management team, which includes group CEO Tommi Maijala, will remain with the business.

The deal, which is subject to regulatory approval, is expected to conclude in the second half of the third quarter of 2015.

Earn-out payments may be made payable based on iGame’s results for the period ending 30 June and would be calculated on a multiple of 6.2 times EBITDA up to a cap of €20m.

Unibet CEO Henrik Tjarnstrom said: “As the majority of the iGame revenues comes from casino, our joint plan is to keep a number of these brands as a complement to our existing brands, Unibet and Maria.”

The announcement of the deal follows confirmation in July that Unibet is to acquire the online gambling arm of operator Stan James for a purchase price of £19m, which is also expected to be completed in the second half of the third quarter of 2015.

Unibet reported a 63% profit after tax decrease year-on-year for the first half of 2015 and an increase in gross winnings revenue to £156.6m from £153.6m.