LeoVegas completes purchase of 51% stake in CasinoGrounds

LeoVegas has completed its previously announced acquisition of a 51%, majority stake in the CasinoGrounds streaming network.

Last month, LeoVegas agreed to pay an initial SEK30m (€3.1m/$3.7m) to take a majority stake in the company.

The deal also includes a potential maximum earn-out payment of SEK15m, based on revenue performance during the period from January to June this year and, according to LeoVegas’ assessment, the full earn-out payment will be made.

In addition, LeoVegas has the option to purchase an additional 29% of the shares in CasinoGrounds in 2021 or 2022 at fives times operating profit.

CasinoGrounds live streams casino games via video-sharing platform YouTube and streaming service Twitch, serving as an active and social casino forum.

Related article: LeoVegas takes majority stake in CasinoGrounds