Sweden’s Betsson has completed the acquisition of Nordic Gaming Group (NGG) following receipt of necessary regulatory approvals.
Betsson has acquired all shares in NGG’s holding company Transvectio Ltd by payment of a consideration of approximately €65m, consisting partly of cash and partly of a new issue of 217,974 shares of series B shares.
An additional purchase price based on the development of the acquisition during 2012 may also become payable - which can be paid by Betsson in cash or in own shares - and is capped at a maximum of €20m.
Following authorisation from the company’s annual shareholders' meeting on May 11th, Betsson’s board of directors has resolved to issue no more than 217,974 new B Shares against subscription in kind.
As a result, the share capital of Betsson will increase by SEK435,948, from SEK84,002,418 to SEK84,438,366.
Trading in the new shares is expected to commence on NASDAQ OMX Stockholm on or about June 21st.
As a result of the issue in kind, the number of shares in Betsson will increase from 42,001,209 (5,420,000 shares of series A and 36 581 209 B Shares) to 42,219,183 (5,420,000 shares of series A and 36,799,183 B Shares). The number of votes in Betsson will increase from 90,781,209 to 90,999,183.
Betsson added that the acquisition has been partly financed through loan financing in the amount of approximately €55m. The facility will be repaid at an appropriate rate which considers the company's dividend policy.
The acquisition of Nordic Gaming Group, owner of the NordicBet, Tobet and Triobet brands, will strengthen Betsson’s Nordic operations, in particular within the sports betting segment where approximately 50 per cent of NGG’s revenues are generated by the sportsbook.
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