Gaming Innovation Group to acquire Betit

Gaming Innovation Group (GIG) has signed a Letter of Intent to acquire all shares in Betit Holding, in a move that the company said will create one of the largest operations in the Scandinavian iGaming market.

Under the agreement, GIG will issue 153.5 million new shares as consideration for all shares in Betit, while Optimizer Invest, a major shareholder in Betit, has agreed to convert its 10% holding in GIG subsidiary iGaming Cloud into 56.5 million new GIG shares.

The combined operation will comprise six different brands, although the deal is subject to a satisfactory due diligence review, approval by the GIG board, and a shareholder approval to increase the authorised shares in GIG, as well as the necessary approvals from relevant gaming authorities.

“Through this agreement, we team up with some of the most accomplished entrepreneurs in the industry, significantly enhancing our reach to end-users, marketing partners and professionals,” GIG chief executive Robin Reed said.

“Our vision is to make the industry an open and connected eco-system and we will all benefit from the commercial and operational synergies.

“The acquired technology will accelerate our ability to grow and strengthen our base for further M&A activity.”

Tomas Backman, chief executive of the Betit Group, added: “In less than three years, we have managed to build a successful multi-brand company and have now secured a great deal and a bright future for our shareholders.

“To be honest we would probably not have done a deal at this stage with anyone else other than Gaming Innovation Group; they share our view on culture, the importance of product focus and that it is the people who make the company succeed.

“Together with GIG we will now become a major player in Scandinavia.”

Related article: GIG secures iGaming Cloud deal with BetIt