Shares in Aspire Global hit a new 52-week high in Stockholm Monday after the gaming technology supplier completed its acquisition of B2B sportsbook provider BtoBet.
Completion of the acquisition follows receipt of regulatory approval in North Macedonia, with BtoBet to be consolidated into Aspire’s financial results as of 1 October.
Aspire has paid €20m in cash to acquire the supplier, comprising €15m at closing and a further €5m due in twelve months’ time.
An additional consideration may also become payable based on BtoBet’s performance over the next two years, based on seven times BtoBet’s EBIT in the second year from closing, minus the purchase price of €20m.
In 2019, BtoBet generated revenue of €4.4m and EBITDA of €1.5m. So far this year, revenue amounted to €3.1m for the first half of 2020, with EBITDA amounting to €1.2m.
BtoBet has 33 operators on its platform in Europe, Latin America and Africa, most recently signing a deal to power Betfair’s sportsbook in Colombia.
Shares in Aspire Global plc (STO:ASPIRE) were trading 1.39 per cent lower at SEK39.10 per share in Stockholm Monday morning, having set a new 52-week high of SEK40.90 per share earlier in the day.