Touchbet ltd owner Magnus Hedman has been confirmed as the majority buyer of Pinnacle Sports, as his new enterprise looks to extend its presence within the European sports betting market.
Pinnacle Sports CEO Paris Smith revealed to industry news source EGR Magazine that Hedman had become the company’s majority shareholder. The CEO stated that the company felt no pressure to reveal its buyer, and that it had chosen to reveal Hedman at the appropriate time for its operations.
Smith has further credited Hedman with helping Pinnacle Sports’ gain it’s Malta Gaming Authority License. Pinnacle’s CEO said that she looked forward to working with Hedman who had big objectives for the operator.
Hedman who is the owner of B2B risk management supplier Touchbet, has further been identified as the majority buyer of UK spread betting firm Sporting Index for a reported £40 million from HgCapital.
The Sporting Index deal is pending approval from the Financial Conduct Authority. It is believed that Hedman beat-off competition from Betgenius and GVC Holdings for the acquisition of Sporting Index.