NetPlay TV shareholders approve Betsson’s £26.4m takeover bid
All-cash deal now subject to court approval as Betsson looks to bolster its UK presence
Betsson’s proposed acquisition of NetPlay TV cleared another hurdle yesterday after NetPlay shareholders voted to approve the £26.4m deal.
The all-cash deal for the AIM-listed company received backing of the requisite number of NetPlay shareholders and must now be sanctioned by the High Court of Justice.
The court hearing will go ahead next Wednesday (29 March), with the deal expected to become effective on 31 March and trading of NetPlay shares cancelled on 3 April.
The acquisition, first revealed in February, looks to boost Betsson’s UK presence by taking on brands including Jackpot247, Vernons and Supercasino.com.
It supports Betsson’s bullish acquisition strategy to expand its brand outside of Scandinavia. The firm most recently took on Spanish brand Premier Casino to extend its reach in the Iberian Peninsula.
CEO Ulrik Bengtsson said at the time: “Part of Betsson’s acquisition strategy is to add volume to its scalable Techsson platform and to increase the share of regulated revenue.”
NetPlay recorded a 15% year-on-year rise in revenues for the six months ending 30 June 2016, with net revenue coming in at £14.7m.