Betsson to acquire Tonybet’s Lithuanian business
Betsson has agreed a deal to acquire Lošimų Strateginė Grupė, the holding company of TonyBet’s Lithuanian business, for an initial consideration of €4 million ($4.5 million).
Confirming the news in a market update, Betsson said it secured all TonyBet Lithuanian assets for 3.6 times the firm’s earnings before interest and tax to-date for the current financial year.
Additional features of the deal include a €2 million performance-based bonus, which is related to assets milestones next year.
“We see strong synergies in this acquisition, through migration of the operator to Betsson’s technical platform, and development of the casino offering,” Betsson president and chief executive Ulrik Bengtsson said.
“This acquisition is a good strategic fit for Betsson Group as Betsson’s ambition is to increase revenue from locally regulated markets.
“We have now consolidated our presence in the Baltic region by ensuring local licenses in all three markets, and continue to pursue growth across Europe, organically and through acquisition.”
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