GiG Completes Sportnco Gaming Acquisition
Leading iGaming technology company Gaming Innovation Group (GiG) has signed a share purchase agreement to acquire iGaming provider Sportnco Gaming SAS.
With Sportnco in its fold, GiG will be able to offer its services and expand in 25 markets and about 55 clients.
GiG completed the acquisition after making an initial offer of €50.8m ($57.2m) and paid an amount of €23.5m in new GiG shares and €27.3m in cash.
Furthermore, the company will assume Sportnco's existing debt of €19.2m, and there will also be an earn-out of up to €23m based on Sportnco's performance in 2022 and 2023.
Sportnco sportsbook will add strength and attractiveness to the offer of GiG, and our mutual PAM solutions will enable us to cover European and American regulated markets for all our existing and future clients.
GiG has also inked an agreement with SkyCity Entertainment Group, whereby the latter will invest €25m in GiG via a directed share issue at NOK18.00 ($2.01) per share.
The deal is expected to be completed in February 2022 and is subject to necessary approvals from relevant gaming authorities. Earlier this month, GiG partnered with Thunderbite on a content supplying deal.
The transaction accelerates our long-term vision to become a global leader in the provision of platform, sportsbook, and media services to the iGaming industry. The hugely complementary regulatory profile and high-quality sportsbook that Sportnco have rapidly expands both companies short- and long-term addressable market. We are very excited to combine the two companies' offerings and accelerate our growth potential.
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