Gaming Innovation Group moves for Time2Play Media in €35m deal
Malta-based firm adds to last year's AskGamblers acquisition with initial €15m payment for remote-first affiliate business
Gaming Innovation Group (GiG) has penned an agreement to acquire Time2Play Media for €35m (£30.4m).
The Malta-based firm has followed up last year’s acquisition of AskGamblers with the multi-million-euro purchase of Time2Play Media, formerly known as KaFe Rocks.
Under the remit of the deal, GiG will pay an initial €15m upfront cash payment, followed by €20m in four semi-annual payments over the next 24 months.
The agreement is subject to added earn-outs based on specific performance targets.
GiG will also pay an additional €2.5m in shares subject to specific operational cost-saving targets.
The acquisition is dependent on standard regulatory and board approvals, with final approval expected in December.
Ben Robinson of RB Capital was the sell-side advisor on the transaction.
Operationally, GiG has noted it expects Time2Play Media to generate a minimum 2024 revenue of €23m, with an EBITDA margin above 45%.
The firm said this would imply a 2024 expected value/EBITDA multiple of around 3.6x.
Additionally, GiG said the acquisition of the company would result in its media revenue reaching between €125m and €135m in 2024.
Another key part of the transaction that GiG highlighted in its press release was the growth opportunity in the US.
GiG said: “GiG Media will accelerate its market presence in the valuable North American market.
“ has a thriving global portfolio diversified across 15+ markets, featuring user-centric US-facing flagship brands Time2play.com and USCasinos.com. These assets will further position GiG Media in the US market.”
Jonas Warrer, GiG interim CEO, said the addition of Time2Play Media would further bolster its operations.
Warrer said: “We want to remain the leading casino affiliate in the industry and grow in the North American market. Our acquisition of KaFe Rocks validates these goals.
“After the successful integration of AskGamblers, we have been looking for the next splendid candidate to join the family.
“In KaFe Rocks, we’ve found a flourishing business led by an exceptionally skilled team. Their reputable affiliate assets will undoubtedly drive growth for the broader group. I eagerly await working closely with the KaFe Rocks team,” he added.
Aimee Speight, Time2Play Media head of PR, said: “It’s a momentous occasion for KaFe Rocks to join forces with GiG Media.
“We considered several buyers but were persuaded to go with GiG Media based on the strong performance the company has shown over the last few years. Joining GiG Media, we are optimistic about seeing Kafe Rocks business venturing into new heights.”