HeadsUp achieves “major milestone” in Spinola Gaming acquisition

HeadsUp Entertainment International has confirmed the completion of a “major milestone” in its acquisition of global lottery software provider, Spinola Gaming. The buyout of all previous third-party shareholdings in the Spinola group of companies has now been completed, with HeadsUp able to move forward and finalise definitive agreements for the full acquisition of Spinola. The buyout of these shares was essential in allowing HeadsUp to acquire 100% of the company and its assets, including its licences to operate in various European and Latin American jurisdictions. Spinola has current contracts in key markets, including Colombia, Peru and Brazil, regions with potential for strong lottery growth. The provider also has projects in place for six African nations, expected to launch in Q4 2022, as well as plans to launch the first national lottery in the UAE. According to valuations undertaken by HeadsUp, agreements in place have the potential to generate upwards of $150m in revenue, with room to expand on contracts in negotiation. HeadsUp commissioned two independent valuations of the acquisition during the due diligence process, which valued the deal at totals of $65m and $72m. HeadsUp has confirmed it will announce a range of new contracts through the Spinola acquisition; these will represent previously announced anticipated revenue and earnings, as well as additional contracts closed by the company over the past 45 days.In July, HeadsUp closed its acquisition of LotteryHub, taking full control of the lottery information platform in a bid to expand globally.