LeoVegas AB has acquired several UK-aimed online gambling sites through an acquisition of Intellectual Property & Software Limited for a reported £65 million.
LeoVegas announced the acquisition, which will give the group control of UK-faced online gambling sites such as 21.co.uk, Slotboss, Bet UK and UK Casino.
The acquisition of IPS assets is undertaken through LeoVegas’ recently secured debt financing structure of €100 million, the group said in the announcement. Supporting its acquisition, LeoVegas will also acquire IPS’ operational assets of European Domain Management and Rocket9 Marketing.
In a market note, LeoVegas said IPS had revenues of £11.7 million in the fourth quarter of 2017 and, together with EDM and Rocket 9, adjusted EBITDA of £3.8 million, representing an EBITDA margin of 32.6 percent.
“To be able at our six-year anniversary of the launch of LeoVegas to conduct this remarkable acquisition feels just great,” said Gustaf Hagman, LeoVegas’ Group CEO in a press statement. “Since its start, LeoVegas has pursued a highly successful global brand strategy.”
LeoVegas late last year also acquired UK online casino RoyalPanda.com for €120 million. The group said it is working to expand its European footprint and implement a multi-brand multi-product strategy for its new assets.
“Following the acquisition of Royal Panda, LeoVegas now works with two scalable brands<” the press statement said. “We believe that in larger markets our global brands, LeoVegas and Royal Panda, can be complemented with a local, multi-brand strategy.”
