Spiffbet has successfully acquired online casinos Sir Jackpot and Live Lounge from Livelounge Ltd. for kr 2.5 million.
Spiffbet Acquires Live Lounge and Sir Jackpot
Swedish Spiffbet has entered a KR 2.5 million ($299, 471) acquisition agreement with Livelounge Ltd, based in the British Virgin Islands. Through the deal, Spiffbet will acquire Livelounge’s online casinos Sir Jackpot and Live Lounge.
The acquisition would also grant Spiffbet the rights to the casinos’ online domains (sirjackpot.com and liveloung.com) as well as the associated customer database and all other intellectual properties. Furthermore, the deal also includes two employees that will be integrated into Spiffbet.
The transaction will be carried out in two tranches. The first tranche of KR 2 million will be conducted through a promissory note, redeemable either in cash or newly issued Spiffbet shares. The remaining KR 0.5 million will be paid in cash on 30 June 2021 but only if certain conditions are met.
M&A Drive In High Gear
This is Spiffbet’s seventh successful acquisition in seven months. Back in March last year, the company announced its plans of launching an M&A drive and it has certainly made good on its promise. Spiffbet’s goal is to establish itself as “an engine for the consolidation of the European online casino market.”
Spiffbet CEO Henrik Svensson has said that the acquisition of Sir Jackpot and Live Lounge showcased the operator’s capacity for growth and acquisition. He noted that the two properties would contribute through both sales and earnings. This can, in turn, be leveraged for additional bargaining power with suppliers and partners, Mr Svensson continued.
Spiffbet Head of Casino Operations Maria Boelius echoed Mr Svensson’s sentiments. According to Ms Boelius, the deal with Livelounge adds two additional established casinos into Spiffbet’s growing portfolio. Furthermore, the two new products would be quite easy to integrate into Spiffbet’s operations, she noted.
In conclusion, Ms Svensson said that the agreement suits Spiffbet perfectly, now that the company is kicking its M&A drive into high gear.