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Betsson buys Betsafe

Betsson AB, an online gambling group based in Sweden has reached an agreement with investors to buy Betsafe and is estimated that the amount of money would rise up to €60 million.

Betsafe is based in Malta and offers online poker, casino and sportsbetting services primarily based in Scandinavia. In 2010, Betsafe reported a rise in revenues by 119% to €25.9 million and the 12 month unaudited revenues till last month to €33.4 million and had an operating profit of €6.9 million.

An initial fee of €32.5 million was already paid by Betsson that consisted of both cash and shares. Betsson are aiming to get Artic Invest AS, Betsafe’s holding company and if they’re successful then Artic Invest AS could lay out €27.5 million in shares and cash ‘based on the development of the acquisition and the integration thereof during 2011’.

Betsson are confident that Betsafe’s purchase will be beneficial from synergies resulting from the integration of platforms and supplier contacts. In March, Betsafe reported that it had 84, 000 real-money players and that it currently employs 148 people.

Pontus Lindwall, Betsson’s Chief Executive Officer stated that this purchase “will fuel our growth. 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 stated “If the outcome of the acquisition results in the full additional purchase price becoming payable, the total purchase price is expected to correspond to approximately five to six times Betsafe’s earnings before interest and tax for 2011.”

Meanwhile, Henrik Persson, Betsafe’s Chief Executive Officer stated  that“this is an attractive solution for Betsafe as we share views with Betsson on how to become successful in the global gaming market.”

“Two strong cultures with common values and goals are now joining with the aim of further developing the business and eventually becoming one of the largest and most profitable players in the market.”

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