LeoVegas to acquire Intellectual Property & Software for £65m
LeoVegas has agreed a deal to acquire Intellectual Property & Software Limited and related assets from other companies for £65m (€73.2m/$88.8m).
Under the pending agreement, via its LeoVegas Gaming subsidiary, LeoVegas will purchase assets from the gaming operator and other brands, such as 21.co.uk, Slotboss, Bet UK and UK Casino, from European Domain Management.
In addition, LeoVegas has agreed a deal, through a UK subsidiary, to acquire the assets of marketing services business Rocket 9 Ltd.
LeoVegas intends to finance the deal with cash and existing debt facilities, and hopes to close the transaction before the end of the first quarter.
Gustaf Hagman, group chief executive of LeoVegas, said: “To be able, at our six-year anniversary of the launch of LeoVegas, to conduct this remarkable acquisition feels just great.
“Following the acquisition of Royal Panda, LeoVegas now works with two scalable brands; we believe that in larger markets our global brands, LeoVegas and Royal Panda, can be complemented with a local, multibrand strategy.
“The UK market is a very large and mature market and that is the reason to work with several brands that attract various types of customers.
“Combined with one of the market's most effective customer acquisition models, we are now gaining a firm stronghold in the UK with the acquisition of 85 employees with local expertise.”
Hagman added: “With this acquisition, we are adding a company culture with a strong technology and product focus which is a perfect fit with LeoVegas' to further strengthen the group's position as the leading GameTech company.”
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