Euro 13.5 million the price for Bet24 takeover
Online gambling group Unibet plc has bought Nordic Betting subsidiary Bet24 for Euro 13.5 million, the newspaper Malta Today reported Wednesday.
Malta-based Unibet plans to strengthen its Danish market activities through the acquisition, the company's third major transaction targeted at regulated markets in recent months.
A Unibet statement disclosed that the takeover will "…strengthen Unibet's market position in the recently regulated Danish market and provides additional scale to support further investment to grow market share, supports Unibet's strong organic growth in other Nordic territories; and provides synergies and economies of scale."
Nordic Betting Ltd had gross win revenue of approximately Euro 10.5 million for its latest financial year ended 31 December 2011.
Unibet intends to migrate customers and rebrand the business from Bet24 to Unibet, as well as integrating the business operations, although for the present the business will continue to trade as Bet24.
Unibet said that it is transferring 45 employees of Nordic Betting Ltd into its own Maltese operations, in accordance with Maltese law and regulations applicable to the transfer of businesses.
Completion of the transaction is subject to regulatory clearance, where required, and is expected to take place before the end of the second quarter of 2012.