German gaming giant Gauselmann Group has acquired what it describes as a “significant majority stake” in igaming platform provider Bede Gaming.
Gauselmann said that the deal would further enhance its digital offering, and leave it well-positioned to take advantage of the re-regulation of the German online gaming market from 2021.
Its stake in Bede also provides the business with a foothold in the North American lottery market, after the supplier was selected by the Ontario Lottery and Gaming Corporation to overhaul its online offering in September 2018.
“Bede’s technological expertise is very impressive and its highly complex solutions are first choice for leading gaming companies not only in the UK, but around the world,” Gauselmann Group chief executive Paul Gauselmann explained.
“This acquisition will allow us to significantly broaden the existing technology base within the group and at the same time enable us to offer it to our customers and partners.”
Following the acquisition, Bede will continue to operate as an independent business unit within Gauselmann, maintaining offices in Newcastle-upon-Tyne in the UK, the Bulgarian capital Sofia and Toronto in Canada. Its management team will also retain a stake in the business.
Its chairman Joe Saumarez-Smith said he was “delighted” that Gauselmann had acquired the majority stake in the business.
“Gauselmann’s long-term prospects and financial strength will allow us to further enhance our range of products and services to existing customers as well as win new business partners,” he said.
Oakvale Capital served as financial advisor to Bede in connection with the transaction, with CMS acting as legal advisor and BDO providing tax advice. Gauselmann, meanwhile, retained Addleshaw Goddard as level advisor, with Grant Thornton providing input on taxes and finances.