M&A

Global Gaming delists from Nasdaq First North following Enlabs takeover

2 minutes read
Global Gaming has applied to delist its shares from the Nasdaq First North Growth Market, with a final day of trading set for 11 December, following Enlabs’ acquisition of the business.

Optibet operator Enlabs initially acquired a majority stake in Global in August, after becoming its largest shareholder in June. This triggered a requirement for Enlabs to make a bid for the remainder of Global Gaming.

Following this bid – where Global shareholders had the opportunity to exchange their shares in the operator for SEK11 (£0.97/€1.08/$1.29) in cash, 0.36 shares in Enlabs or a 50/50 split of cash and share value – Enlabs obtained a 95.8% stake in the Ninja Casino operator.  The bid values Global Gaming at SEK450m.

As Enlabs held over 90% of Global’s shares following this bid, Global was required to delist from the First North Growth Market.

Enlabs will bring in arbitrators Anders Norman in an attempt to acquire the remaining 4.2% of shares.

Global Gaming shares opened today (1 December) at SEK10.88.

When the deal is completed, Christian Rasmussen, who Enlabs appointed to the Global board in August, will become Global Gaming’s acting chief executive, after Tobias Fagerlund agreed to step down from the position in September.

In October, the deal was approved by the the Estonian Competition Authority, the only body that had announced an investigation of the takeover.

In the third quarter of 2020 – which Global’s included one month of Global’s results following the acquisition – Enlabs saw revenue grow 35.5% to €13.6m and profit quadruple to €10.3m.

Enlabs made €11.0m of its revenue from its legacy business during the quarter, plus €2.5m from Global Gaming which was all generated in September.

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