Betsson lines-up 100m Europe-Bet swoop
Two firms understood to be negotiating a deal which would see Betsson acquire the Georgia-based operator
Betsson AB is in advanced discussions to acquire Georgian operator Europe-Bet in a deal thought to be worth around 100m, eGaming Review understands.
According to sources, the two firms have been locked in talks for the past few months with Betsson keen to strike an agreement for a firm which last year generated EBITDA of approximately 18m.
A person close to the matter told eGR that Betsson had secured an exclusivity period until the end of June to tie-up a deal with other parties also thought to have an interest in buying the operator.
Europe-Bet, which was formed in 2010, provides sports betting, casino and poker under a Georgian licence and is operated by the Tbilisi-based company Chempionebi 111.
The operator is currently going through a period of transition following last month’s departure of chief executive Nicolas Fleiderman, who was later succeeded by CFO Maia Kopinadze.
Although Betsson has refused to comment specifically on the Europe-Bet talks, last month its chief executive Magnus Silfverberg told eGR the firm was looking at acquisition targets in “regulated and soon-to-be regulated” markets.
An agreement would see Betsson increase its portfolio of 15 B2C brands, which was last year bolstered by the 130m purchase of the Netherlands-facing Oranje and Kroon Casino.
News of the talks comes after eGR yesterday revealed Betsson was planning to launch a Netherlands-facing sportsbook under the Kroon brand in time for the start of next football season.
The company this week also announced it had received its UK operating licence where it would focus its Mr Smith and Betsafe brands.