Gaming Innovation Group (GiG) has signed a Share Purchase Agreement to acquire iGaming supplier Sportnco Gaming SAS.
Together, GiG and Sportnco will be allowed to operate in 25 markets (in which they are already licensed), with around 55 clients.
The initial offer is €50.8m ($57.2m) with €23.5m paid in new shares in GiG and €27.3m in cash. In addition, GiG will assume Sportnco’s existing debt of €19.2m and there will also be an earn-out of up to €23m based on Sportnco performance in 2022 and 2023.
GiG has also signed a deal with SkyCity Entertainment Group, whereby SkyCity is to invest €25m in GiG via a directed share issue at NOK18.00 ($2.01) per share. The deal is expected to be finalised in February 2022 and is subject to necessary approvals from relevant gaming authorities.
Richard Brown, GiG CEO, said: “The transaction accelerates our long-term vision to become a global leader in the provision of platform, sportsbook and media services to the iGaming industry.
“The hugely complementary regulatory profile and high-quality sportsbook that Sportnco have rapidly expands both companies short- and long-term addressable market. We are very excited to combine the two companies' offerings and accelerate our growth potential.”
Hervé Schlosser, CEO and Founder of Sportnco, added: “Sportnco sportsbook will add strength and attractiveness to the offer of GiG and our mutual PAM solutions will enable us to cover European and American regulated markets, for all our existing and future clients.”
