Betsson agrees deal to acquire Tonybet’s Lithuanian business
In a big move in the iGaming world, Betsson is set to acquire Lošimų Strateginė Grupė, the parent firm of TonyBet’s Lithuanian business.
According to media reports, a deal in the range of €4 million ($4.5 million) was agreed upon by the two parties.
Betsson confirmed the news and announced it had secured all TonyBet Lithuanian assets for 3.6 times the company’s revenues before interest and tax to-date for this financial year.
Another interesting feature that is part of this deal is the €2 million performance-based bonus that is linked to the assets milestones for 2017.
Commenting on this move, Betsson president and chief executive Ulrik Bengtsson said:
“We see strong synergies in this acquisition, through migration of the operator to Betsson’s technical platform, and development of the casino offering.
“This acquisition is a good strategic fit for Betsson Group as Betsson’s ambition is to increase revenue from locally regulated markets.
“We have now consolidated our presence in the Baltic region by ensuring local licenses in all three markets, and continue to pursue growth across Europe, organically and through acquisition.”