Friday April 1,2016 : MORE MONEY FOR FORMER iGAME GROUP OWNERS (Update)
Unibet meets earn-out provisions of acquisition agreement with an initial payment of Euro 7.5 million.
The Unibet Group plc has paid the first earn-out payment of Euro 7.5 million to the former owners of the iGame Group in compliance with the earn out provisions of an acquisition agreement signed late last year.
The pay-out, contingent on the acquisition's performance for FY-2015, fell due before the end of March, and targets were met in full, according to a presser from Unibet Thursday.
The remaining earn-out payment up to a maximum of Euro 12.5 million will be assessed by September 30, 2016, based on the results of the iGame Group up to June 30, 2016.
During the first quarter of 2016, iGame Group has continued to perform strongly, Unibet advises.
The cost of paying the maximum earn-out of Euro 20 million was fully provided in the financial statements of Unibet Group on December 31, 2015, so this payment has no impact on Unibet Group's reported results for 2016.