Wednesday October 23,2013 : BETTING PROMOTION TO ACQUIRE TAIN (Update)
Merger will save on operating costs
Preliminary merger talks reported earlier this year have been finalised between Betting Promotion and Atletico Nordic B.V., the parent company of Tain AB .
Betting Promotion, Tain's largest shareholder, will acquire 100 percent of the Stockholm-based company, including its subsidiaries Tain Ukraine LCC, Tain Malta LTD, Tain International N.V. and WL Services N.V. for an approximate purchase price of SEK 44.3 million (US$6 950 980).
The acquisition will be implemented through an issue of 9,520,065 new shares in Betting Promotion that will be distributed to Atletico around the end of November 2013.
"We are pleased that we now are close to a merger. The collaboration between the companies began in the fall of 2010 and has from the beginning worked very well. The new constellation will increase our market exposure, give us a broader revenue base, increase the resources and increase opportunities for cost savings," said Jonas Ornstein, CEO of Betting Promotion Sweden AB (publ).
"Tain and Betting Promotion will create a strong, independent full-service supplier that is well positioned to compete in a rapidly maturing gaming industry," added Christer Fahlstedt, CEO of Tain AB.
Tain is a privately-owned company, focused on the B2B segment of the online gaming industry.