Playtech said today that the company has acquired Swedish online games studio Quickspin AB, in a deal worth up to €50m.
Quickspin generated revenue of €6m in 2015, while its adjusted EBITDA was €2.1m.
Playtech said that those figures are forecast to grow significantly and will strengthen its position in the Nordic region.
The way that the payment to acquire Quickspin will be structured will see Playtech pay a maximum of six times Quickspin’s EBITDA in 2018, subject to a cap of €50m.
There will be an initial payment of €24m for 100% of the shares of Quickspin on a cash-free/debt-free basis, while the remaining €26m will be paid on an earn-out basis based on Quickspin’s EBITDA earnings in 2017 and 2018.
Playtech CEO Mor Weizer said: “We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family. Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the gaming division, together with discussions for selective bolt-on acquisitions in the financials division."
The new agreement is the first major acquisition made by Playtech in 2016, following failed attempts to buy trading platform Plus500 for an approximate £459.6m and Forex broker Ava Trade for $105m last year.
Playtech was also reported to be in the running to acquire fellow provider OpenBet, which was eventually purchased by NYX Gaming Group for £270m earlier this month.