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Betsson take over Betsafe

This news is a few days old now but with Blogger down for a couple of days last week, I couldn't post it...

Betsson acquires Betsafe in €60m deal

Betsson has acquired fellow Nordic operator Betsafe in a deal valuing the company at up to €60m (£52.2m).

“This deal will fuel our growth,” said Betsson chief executive Pontus Lindwall (pictured). “We strengthen our position in the Nordic region as well as our organisation when merging two profitable companies, each of which has proven its ability to gain market share in a highly competitive market environment.”

Betsson will pay an initial €32.5m in cash and shares for the privately owned operator, with a further €27.5m payable conditional on “the development of the acquisition and the integration thereof during 2011,” said the Stockholm-listed company in a statement this morning. The full additional purchase price becoming payable would equate to a multiple of approximately 5-6 times Betsafe's EBIT for 2011.

Interesting move from Betsson, perhaps they will look at buying the Ongame poker network should bwin.party sell it off now that they have a better poker platform in-house.
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