LeoVegas has completed its previously announced acquisition of Royal Panda.
Last month, LeoVegas, via its wholly owned LeoVegas International subsidiary, brokered a deal to acquire all of the shares in Web Investments Limited, the company behind the Royal Panda gaming operator brand.
LeoVegas will pay an initial €60m ($69.9m) to acquire the company, although the deal also includes a possible earn-out payment of an additional €60, making the agreement worth a maximum of €120m.
The calculation of the earn-out payment and additional purchase price is due to commence from December 1.
In a statement, LeoVegas said: “The acquisition of Royal Panda strengthens LeoVegas’ expansion in regulated gaming markets, especially in the UK, and adds a strong and exciting brand to the LeoVegas Group.”
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