Betting Promotion finalises Tain acquisition
Swedish-based supplier set to acquire company for an estimated SEK 44.3m (£4.3m)
Sports betting provider Betting Promotion has finalised an agreement with minority shareholder Atletico Nordic to acquire game technology specialist Tain for approximately SEK 44.3m (£4.3m).
The acquisition will see Malmo-headquartered Betting Promotion acquire all the private company’s subsidiaries including Tain Ukraine, Tain Malta, Tain International and WL Services.
Over 9.5m new shares in Betting Promotion will be given to Aletico, which currently owns 10% of the company, to complete the acquisition and follows the announcement made in August that Betting Promotion and Tain were in the early stages of negotiations for the merger.
“The collaboration between the companies began in the fall of 2010 and has from the beginning worked very well,” Jonas Ornstein, CEO of Betting Promotion Sweden, said. “The new constellation will increase our market exposure, give us a broader revenue base, increase the resources and increase opportunities for cost savings.”
“Tain and Betting Promotion will create a strong, independent full-service supplier that is well positioned to compete in a rapidly maturing gaming industry,” added CEO of Tain Christer Fahlstedt.
In June, Betting Promotion announced it was planning to undertake an internal business review after it posted a net loss of 424,000 with turnover down more than 40% for Q2 2013.