Sweden’s Unibet has completed the €59m acquisition of gaming operator iGame Holding, owner of the Nordic-facing iGame and Casinohuone brands.
Having entered into an agreement to acquire the operator last month, Unibet has now finalised the purchase, paying €59m in cash to iGame’s owners.
Earn-out payments may be payable based on iGame’s results for the period up to June 30th 2016, which will be calculated on a multiple of 6.2 times EBITDA up to a cap of €20m, including an element for over-performance.
Unibet will consolidate the iGame business into its results as of today, with the business continuing to trade under its existing brands.
iGame generated gross wagering revenue of €13.7m in the first half of this year from its Nordic and Central-European online casino, poker and sports betting offerings, with EBITDA of €4.7m. Its brands include iGame, Bohemia Casino, Kolikkopelit, CasinoHuone and 24hBet Sports.
iGame's current management, under the leadership of CEO Tommi Maijala, will remain with the business. In total, iGame has approximately 130 employees, the majority of whom are based in Malta.
In order to finance current projects and allow flexibility for future investment, Unibet has secured a new credit facility for €120m, replacing the previous €50m credit facility.