Announced last month, the agreement will see Aspire Global pay a total of €20m (£18.1m/$23.6m) in cash for BtoBet, €15m of which will be paid up front and the remaining €5m 12 months after the deal closes.
The acquisition deal also includes an additional consideration based on BtoBet’s performance two years after closing. This will be seven times BtoBet’s earnings before interest and tax in the second year after closing, minus the purchase price of €20m.
Aspire Global, which said the deal is not expected to have any material effect on its financial results in 2020, was able to finalise the acquisition after securing approval from the North Macedonian authorities.
The supplier said the purchase of BtoBet and its B2B sportsbook constitutes a key part of its growth strategy, describing it is a “major step” in creating an offering that covers the main elements of the B2B igaming value chain.
Announcing the deal last month, Aspire Global’s chief executive Tsachi Maimon said the acquisition means that the supplier will be involved in all major areas of online gambling, primarily due to access to BtoBet’s Neuron 3 sports betting platform.
Some 33 operators across Europe, Latin America and Africa are currently active on the BtoBet platform, having announced Betfair as its latest customer last week.
Betfair selected BtoBet’s player account management platform for its operations in Colombia.