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Betsson's GiG acquisition expects final approval in mid-April

Betsson Group

Betsson Group's multi-million acquisition of the Gaming Innovation Group (GiG brands) is expected to receive approval from the authority in mid-April. It was on February 14 this year that news emerged that Gaming Innovation Group Inc. (GiG) had signed a share purchase agreement (SPA) with the Betsson Group (Betsson) for the divestment of GiG's B2C assets for the Rizk, Guts, Kaboo, and Thrills operator brands. Betsson is said to have paid EUR 31 million, which included a cash payment of EUR 22.3 million for the acquisition, plus a prepaid platform fee of EUR 8.7 million. It was also revealed that GiG will use the proceeds to repay the company's bond of SEK 300 million in 2017 - 2020.

Pontus Lindwall, Managing Director of Betsson AB commented: “We believe the deal offers a good opportunity for Betsson to consolidate, create synergies and apply our basic B2C skills and marketing to scale these assets to their true potential. The agreement with GiG strengthens and expands Betsson's outreach and growth potential for its own sportsbooks and payment platforms in the B2B market.