Under the agreement, LeoVegas will take ownership of all assets of the Nordic-focused brand.
LeoVegas said the acquisition strengthens its brand portfolio with an established position in sports betting, as well as expands its strategic growth opportunities within this segment.
LeoVegas chief executive Gustaf Hagman (pictured) described the deal as a “milestone” for the operator.
“For those of us who grew up with online gambling in Sweden, Expekt is undeniably one of the pioneers in sports betting,” Hagman said. “After a few years on the sidelines, we will now restore Expekt to its former glory as the leading sports betting brand.
“We are working resolutely to offer the ultimate mobile sports betting experience, which will entail a number of new innovations and new thinking with a starting point from what a mobile experience can entail for the big years of sport in 2021 and 2022.”
LeoVegas will take ownership of Malta-based Expekt Nordics, which holds a Swedish licence and conducts operations in the country under the Expekt brand.
LeoVegas will also take ownership of assets including all rights to the Expekt brand and access to the existing customer database from Betclic, which acquired the brand for €125m in 2009.
Expekt posted €6.9m in net gaming revenue in 2020, including €1.6m in the final quarter of the year. The purchase price represents a revenue multiple of 0.7x for 2020.
The acquisition deal includes a commercial team of three people, who together with LeoVegas’ central functions, will drive the brand going forward.
The deal is expected to go be finalised in May this year.
The acquisition comes after LeoVegas last month reported a 103.2% year-on-year increase in comprehensive profit in 2020, after its strongest-ever fourth-quarter performance helped it post record results for the year.
Revenue for the 12 months through to 31 December stood at €387.5m, up 8.9% from €356.0m in the previous year.