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LeoVegas AB kicks off 2018 with another acquisition_1

After closing out 2017 by inking a deal to acquire the firm behind RoyalPanda.com for almost $141.4 million, Swedish online gaming operator LeoVegas AB  has now reportedly announced the signing of an agreement to purchase counterpart Intellectual Property and Software Limited.

According to a press release from the firm published by GPWA, Stockholm-based LeoVegas AB is set to spend some $90 million on its latest buy, which will give it control of numerous United Kingdom-facing online casino domains including BetUK.com, SlotBoss.co.uk and Bingos.co.uk.

LeoVegas AB reportedly explained that Alderney-headquartered Intellectual Property and Software Limited recently generated fourth-quarter revenues of just over $16.2 million, which represented a rise of 49% year-on-year, while its adjusted earnings before interest, tax, depreciation and amortization reached almost $5.3 million. The target firm purportedly sees 96% of its takings come from players located in the United Kingdom with the vast majority of these utilizing mobile devices.

“The transaction is subject to certain closing conditions and is scheduled to close late in the first quarter of 2018,” read the release from LeoVegas AB. “The acquisition will further strengthen LeoVegas AB’s presence in the United Kingdom and its position as the leading mobile operator.”

LeoVegas AB declared that the acquisition, which will moreover see it take over Newcastle-Upon-Tyne-based marketing services firm Rocket 9 Limited, is being handled by its LeoVegas Gaming Limited subsidiary with the consideration to be fulfilled in cash and via the use of its ‘existing debt facilities’.

Gustaf Hagman, Chief Executive Officer for LeoVegas AB, declared that Intellectual Property and Software Limited has ‘tremendous momentum in [its] growth and profitability’ and is to continue utilizing a technical platform provided by British software innovator Bede Gaming Limited after the transaction is finalized.

“To be able at our six-year anniversary of the launch of LeoVegas AB to conduct this remarkable acquisition feels just great,” read a statement from Hagman.

LeoVegas AB kicks off 2018 with another acquisition_1