Danske Spil to divest stake in games developer CEGO
Denmark's state-controlled gaming operator Danske Spil's has agreed to sell its stake in CEGO to the games development studio's original owners and the private equity fund Via Equity III.
The divestment, which has been completed for an undisclosed sum, was approved by the operator's shareholders at an extraordinary general meeting (EGM).
Danske Spil acquired a 60% stake in CEGO, which was founded in 2000, in 2014. The Aalborg-headquartered supplier continued to operate independently from the state-owned operator following the deal.
“In Danske Spil, we are proud to have participated in an exciting and profitable development journey with the founders of CEGO,” the operator's chief executive Susanne Mørch Koch said. “Games of particular appeal to consumers been developed, and the company has grown significantly during Danske Spil's co-ownership. It has been a good business for the benefit of society, customers and Danske Spil.”
She explained that CEGO was ready "to take the next step in the company's development", which had prompted Danske Spil to sell is holding.
"Therefore, we have now placed the entire company in the hands of the original owners and Via Equity," Mørch Koch continued. "The sale of Danske Spil's ownership interest has brought a nice return on the original investment, and the income from the sale goes to the Treasury.
"We wish CEGO in its continued development," she added. "It will be exciting to follow.”
The transaction has also been approved by the Danish Gambling Authority, and is expected to be closed by the end of July 2019.