Nordic Leisure targets Betting Promotion acquisition
Multi-brand operator reaches provisional agreement with majority of shareholders to acquire trading firm
Automated sports trading exchange specialists Betting Promotion have emerged as a takeover target for multi-brand operator Nordic Leisure.
A spokesperson for Nordic Leisure confirmed to eGaming Review that the operator had entered into agreement with shareholders who represent 74.4% of shares in Betting Promotion to purchase the firm assuming certain conditions are met.
Among those conditions is that Nordic Leisure, who operates brands such as Redbet.com, Whitebet.com, Totalpoker.com and Goldclubcasino.com, makes a public offer for all shares in Betting Promotion, but the operator is currently under no obligation to make the offer formal.
And eGR understands it will likely be at least a month before there is any significant movement on a deal both parties believe will be beneficial to their operations.
Both Nordic Leisure and Betting Promotion are listed on the Nasdaq-OMX First North exchange, and Betting Promotion’s estimated market capitalisation of SEK65m (£5.1m) would give the combined firm a market capitalisation in excess of SEK200m (£16m).
Nordic Leisure posted gross gaming revenues of SEK61.2m (£4.9m) for 2014, while Betting Promotions reported net sales of 8.6m (£6.6m) for the same period.