Touchbet owner revealed as Pinnacle Sports majority shareholder
Magnus Hedman, owner of sports betting risk management firm Touchbet, has been revealed as the new majority shareholder of online gaming operator Pinnacle Sports.
As reported by iGaming Business, Pinnacle Sports in February informed its shareholders that a controlling stake in the operator had been acquired by an undisclosed investor last August.
Although Pinnacle Sports did not confirm who the buyer was at the time, various media reports have revealed Hedman as the unidentified investor.
As previously reported, the transaction was overseen by Alternative Trading Partners (ATP), led by managing partners Thomas Brunet and Kyle Carlston, assisted by London law firm Nabarro.
“Offering the tightest lines with the highest limits, Pinnacle Sports is one of the most respected bookmakers with its ever-evolving proprietary trading system at its core,” Brunet and Carlston said at the time.
“It took a buyer with a similar forward looking vision and financial background to bring this transaction to a successful conclusion.”
Meanwhile, Hedman is also reported to have seen off competition from Betgenius and GVC Holdings to acquire UK spread betting business Sporting Index from private equity group HgCapital.
As reported by iGaming Business last month, HgCapital confirmed it has sold the operator to a private investor for an undisclosed amount.
Again, the identity of the buyer was not revealed at the time, but media reports now suggest Hedman is the investor behind the deal.