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Betsson agrees to pay an extra €15 million for Betsafe

Betsson AB, an iGaming online gambling group has agreed to pay an extra €15 million after buying Betsafe earlier this year for a starting fee of € 34 million in cash and sales. Betsson AB, agreed to pay the extra € 15 million because they met a certain performance targets that they set out for 2011.

Betsafe an iGaming company based in Malta reported a good year after revealing that the revenues rose up by 119% to €25.9 million and the unaudited revenues for the twelve months that ended in May came up at €33.4 million with an operating profit of €6.9 million.

Artic Invest AS, the holding company behind Betsafe was purchase by Betsson in June where Betsson agreed to pay an extra €27.5 million in cash or shares based on the development of the acquisition and the integration thereof during 2011 to take the total purchase price of € 60 million.

Betsson stated that “Betsafe has reached the targets in 2011 for the additional purchase price amounting to €15 million.”

“If conditions are fulfilled, the remaining part of the additional purchase price, up to €12.5 million, is estimated to be paid up until the end of the first quarter of 2012.

“The board of directors of Betsson has resolved that the first additional purchase price in the amount of €15 million shall be paid by way of issue of Betsson shares.”

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