LeoVegas completes its first acquisition in group’s history
LeoVegas today has carried out their first acquisition in the company’s history with the purchase of the Italian gaming operator Winga.it. The Italian operator holds a licence for the Italian market which is currently the largest regulated gaming market in Europe according to data from H2 Gambling Capital. With this addition, it gives LeoVegas and established positioning there.
LeoVegas will acquire 100% of the company who in 2016, had a revenue of €8 million. The agreement includes a cash consideration of €6.1 million.
Winga, an organisation comprising of 33 employees, offers their customers a full product offering with 50 percent of their revenue being generated from Live Casino. This includes studio environment and their unique product which is broadcasted live on Italian TV as well as Sky TV. LeoVegas plans to gradually introduce their brand into the Italian market while Winga benefits from their data-driven marketing approach and strengths on the product side and mobile technology around the customer experience.
The purchase price to the seller of Winga which is Paf (Ålands Penningautomatförening) will be paid in two parts and expected to be finalised on 1st March 2017 subject to customary conditions and approval from the Italian authorities.
LeoVegas’ Group CEO Gustaf Hagman commented: “This is yet another milestone in LeoVegas’ development.”
He continued: “The acquisition of Winga.it will enable rapid expansion in Italy, as we are acquiring a company with local knowledge and an established position. LeoVegas’ expansion strategy is to grow in markets that are either regulated or in the process of being regulated. Our focus on mobile gaming and our proprietary, flexible technology platform create the conditions for a successful acquisition.”
LeoVegas has evaluated around a dozen acquisition opportunities during the past year and having a cash position of over €55 million, they are in a position to continue with new strategic acquisitions moving forward.
This acquisition sees LeoVegas holding gaming licences in the UK, Denmark, Ireland, Malta and now Italy.
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