Veltyco to acquire Marsovia from Altair Entertainment
Veltyco Group has agreed a deal to acquire the entire issued share capital of Marsovia Holding from Altair Entertainment.
Under the deal, a consideration of €4m ($3.4m) will be offset against existing indebtedness and receivables due to Veltyco by Altair, which will result in the acquisition being cash neutral for Veltyco.
Veltyco said the purchase will be the first step in the group “seeking to launch a new regulated brand, active in the online trading sector”.
Marsovia holds a database of around 43,500 customers, of which approximately 26,000 are considered to be active in the online trading sector.
Confirmation of the deal comes after Veltyco and Altair previously announced plans to develop a joint venture in the trading sector.
Gilles Ohana, chairman of Veltyco Group, said: “We believe that the acquisition will provide further opportunities for growth and is an important step in the continued development and expansion of our own brands.
“Trading conditions remain positive for Veltyco and we are very much looking forward to the start of the World Cup on June 14 whereupon we hope to benefit from the uptake in gaming activities.”
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