London-listed Gaming Realms has agreed a deal to exit its real-money gaming business through the sale of its remaining 30 per cent stake in subsidiary Bear Group to River iGaming.
Oslo-listed River iGaming already owns 70 per cent of the business, now operating under the River UK Casino umbrella, which it acquired in June 2018 for an initial consideration of £8.4m. It also agreed an earnout of up to £14.7m based on earnings in the 12 months to June 30th, 2019.
Gaming Realms said Friday that it does not expect River UK Casino to achieve its £2.2m EBIT target for the 12 months to June 30th, meaning that it will not receive any further deferred consideration. The company has therefore agreed to sell its remaining 30 per cent stake in the business, subject to shareholder approval, and to grant River iGaming a sole perpetual license to its real-money gaming platform.