Unibet Group has signed an agreement to acquire the business and certain operating assets from Nordic Betting, a participant in the online gaming market in northern Europe, trading as Bet24.
Nordic Betting operates a wide range of sports and gaming products through its web sites bet24.dk and bet24.com and related sites.
The acquisition price for the business and acquired assets is £11.25m, payable in cash.
The transaction, which is Unibet’s third targeted at regulated markets in recent months, strengthens the group'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 had a gross winning revenue (on consistent basis with Unibet accounting policies) of approximately £8.75m for the financial year ended December 31, 2011.
The group intends to migrate customers and rebrand the business from Bet24 to Unibet, as well as integrating the business operations, in due course. For the present the business will continue to trade normally as Bet24.
As part of the transaction, Unibet will transfer around 45 employees of Nordic Betting 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 Q2 2012.
