Stockholm-listed mobile gaming specialist LeoVegas has entered into an agreement to acquire rival operator Royal Panda for a maximum consideration of €120m.

Royal Panda is a predominantly UK-focused business offering online casino and sports betting via its proprietary platform. The company is based in Malta, led by chief executive Mark Podd and employs 60 staff. A source close to the deal described Royal Panda as a good fit for LeoVegas, which will retain the acquired brand as it moves to a multi-brand strategy.

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