GVC Holdings has acquired a controlling 51 percent share in Crystalbet, a leading online gaming firm based in the Republic of Georgia.
GVC will pay €51 million for the 51 percent stake and has also made a commitment to purchase the remainder of the company by 2021, the company announced. GVC will exercise one of two options for the remaining purchase: either pay €150 million, or seven times Crystalbet’s underlying earnings from 2020 (excluding interest, tax, depreciation and amortization), according to CDCGamingreports.com.
Crystalbet is considered the largest sportsbook operator in Georgia and the second largest competitor in the nation’s online gaming market. The company made about €9 million in profits during 2017 the report said.
“Through access to GVC’s content, technology and digital marketing skills, we believe Crystalbet can become a clear leader in the regulated Georgian market, said GVC Holdings CEO Kenneth Alexander in a press statement. “This acquisition is in line with our stated strategy of being a truly global player, with a focus on regulated and regulating markets.”
Crystalbet will keep its current operations management team as well as retaining their equity shareholdings. The deal is expected to complete by the end of March without further regulation being necessary, CDCgaming reported.
