ish operator Betsson has taken strides to strengthen its foothold in the Baltic Region, announcing its entrance into an agreement to acquire Lithuanian betting company Lošimų Strateginė Grupė, which trades as Tonybet in Lithuania.

Betsson confirmed in a statement that it has taken control of Tonybet assets for an initial consideration of €4m, payable in cash upon completion and with a further €2m payable upon the meeting of certain operational milestones.

Tonybet’s EBIT for the first six months of 2016 stands at €550,000, with the initial consideration of €4m thus representing 3.6 times the firm’s H1 2016 EBIT.

The operator primarily offers an online sportsbook and casino, on top of a network of 20 betting shops in Lithuania.

Ulrik Bengtsson, President and CEO of Betsson, said: “We see strong synergies in this acquisition, through migration of the operator to Betsson’s technical platform, and development of the casino offering.”

“This acquisition is a good strategic fit for Betsson Group as Betsson’s ambition is to increase revenue from locally regulated markets.

“We have now consolidated our presence in the Baltic region by ensuring local licenses in all three markets, and continue to pursue growth across Europe, organically and through acquisition.”