Stockholm-listed European sports betting operator Betsson AB has confirmed the acquisition of London AIM-listed interactive gaming operator NetPlay TV, continuing its 2017 M&A growth strategy and plans to increase its presence within the saturated UK online gambling market.
After both companies reached an agreement on Thursday, Betsson governance detailed that it had acquired all-equity in NetPlay TV for a total consideration of £26.4m, purchasing all NetPlay assets outright.
Though it is yet to be finalised, the firms said under the terms of the offer, each NetPlay investor will receive 9p in cash for each ordinary share held. In a statement the companies said the offer provides an “attractive opportunity” for NetPlay shareholders.
In a statement Ulrik Bengtsson, CEO of Betsson group said that his firm was acquiring three established UK betting brands, Jackpot24/7, SuperCasino and Vernons. Moreover, NetPlay assets will see further growth and efficiency in scalability once integrated with its Techsson platform.
“Betsson’s experience of operating successful casino brands will add to NetPlay’s earnings and growth. We have a long-term view on NetPlay and will achieve significant cost synergies and operational improvements over time.
“Part of Betsson’s acquisition strategy is to add volume to its scalable Techsson platform and to increase the share of regulated revenue.
CEO of NetPlay, Bjarke Larsen has reiterated this saying the merger is a “complementary fit”. Commenting on the deal, Larsen adds: “A combination with Betsson would allow NetPlay to best utilise the enlarged group’s assets to enhance the gaming experience for its customers.
“With the changing market dynamics and as the market continues to consolidate, we believe now is the right time to take advantage of this opportunity to realise value for all of our shareholders.”