GiG officially acquires Sportnco for €51.3m
Under the terms of the agreement of which GiG will hold 100 percent of Sportnco’s shares, the leading iGaming platform has given €27.8 million first hand, which was supported by the contract with SkyCity last year, under which SkyCity pledged to invest €25 million in GiG via a share issue of NOK18.00 per share.
The other €23.5 million was covered in GiG shares at a share price of NOK18.08 each.
Richard Brown, GiG’s CEO, welcomed the new shareholders at GiG and mentioned how the partnership may provide substantial growth opportunities, adding:
“We are now embarking on another stage in GiG’s journey with a great deal of excitement. The Sportnco team has established a wonderful company – incredibly relevant to GiG’s offer in terms of both product and potential market expansion.”
Sportnco and SkyCity shareholders have already received 26,110,900 additional shares from GiG. The leading iGaming platform anticipates that the merged operations would earn around €87m & €93m in sales and €30m & €35m in EBITDA in 2022.
Hervé Schlosser, Sportnco’s CEO and founder, expressed his excitement about starting this new stage with GiG, and is convinced they’ll be providing stronger technological solutions to customers in the rapidly developing regulated sectors:
“We are immensely pleased with the adventure we have taken since 2008, and now with our merger into the GiG’s team.”
Based on the company’s statistics in the upcoming years until 2023, Sportnco shareholders may also be eligible to receive a payment of up to €11.5 million a year.