Betsson expands LatAm presence with Inkabet acquisition12th August 2021 9:01 am GMT
Stockholm-listed Betsson has agreed a deal to acquire the operations and assets of South American online betting and gaming operator Inkabet.
Betsson will acquire the Peru-based business via its SW Nordic subsidiary, paying an initial consideration of US$25m, plus up to an additional $4m depending on the future performance of Inkabet and a deferred payment of $5m.
The full purchase price is equivalent to 3.8x EBIT in the twelve months ended June 2021, with the business generating revenue of $25.2m over that period targeting the western region of South America. Inkabet’s operating income (EBIT) for the twelve-month period amounted to $8.8m.
“Through this transaction, Betsson continues to build market share in the LatAm region, following the previous acquisitions of JDP Tech Ltd, Suaposta and Colbet,” said Pontus Lindwall, CEO of Betsson AB. “This strengthens our position in a strategically important region where we have performed well and have big ambitions for the future.”
The transaction is expected to close during the third quarter of this year following certain restructuring activities.
Shares in Betsson AB (STO:BETS-B) were trading 0.28 per cent higher at SEK72.40 per share in Stockholm Thursday morning.