Adventure Box to Acquire Lion Gaming in $45M Deal

Adventure Box Technologies, an online game maker platform, announced that it has signed a Letter of Intent (LOI) for the acquisition of Lion Gaming Group, a Canadian gaming and betting services specialist. The transaction aligns with the former company’s ambitious growth plans and marks its foray into the world of iGaming.

Lion has a projected turnover of $33 million for 2024 and is expected to report an EBITDA of roughly $17 million. Through this deal, Adventure Box would be able to cement itself as a major gaming company that is ready to tackle the global iGaming market. According to the game maker platform, the two companies share the same vision for the gaming market, especially considering the synergies between the Kogama platform and Lion’s gaming platform and Web3 capabilities.

The LOI outlines an acquisition of 100% of Lion Gaming Group’s shares for a price of approximately $45 million. The transaction will be paid with newly issued Adventure Box shares at a share price of SEK 0.40, the company announced.

The arrangement is subject to the completion of due diligence and approval at an extraordinary general meeting, Adventure Box added. The company also noted that it hopes to complete the transaction in the second half of 2024.

Once finalized, the deal is expected to open up new opportunities in game development.

A Great Opportunity for Lion Gaming

Mads Jørgensen, Adventure Box Technologies’ chair, commented on the matter, saying that the merger would create a “major new player in the iGaming market.” Michal Bendtsen, Adventure Box’s chief executive officer, added that the move will significantly enhance his company’s footprint in video gaming.

This acquisition not only broadens our scope and capabilities within the gaming ecosystem but also introduces new revenue streams. We are confident that this will bring value to our shareholders and accelerate our growth trajectory in the ever-evolving gaming market.

Michal Bendtsen, CEO, Adventure Box Technologies

Lion Gaming’s chief executive, Duncan McIntyre, also weighed in on the matter, saying that his team is excited about the opportunity to become a part of the Adventure Box family. He explained that the merger would allow Lion to tap into the extensive experience and resources of Adventure Box.

We are confident that this transaction will provide us with the tools and support we need to continue to be a leader in iGaming technology through organic growth and acquisition of new businesses.

Duncan McIntyre, CEO, Lion Gaming

Lion Gaming, for context, offers a unique platform that supports multi-chain and on-chain transactions, as well as customized sportsbook and casino solutions.