Manisol Gaming can choose between cash payment or pick shares as Spiffbet is finalizing its acquisition progress.
Manisol Gaming Ready to Change Hands to Spiffbet
Spiffbet will go ahead with the acquisition of Manisol Gaming, a Maltese casino operator. To complete the transaction, Spiffbet will pay SEK 20 million which Manisol can claim within two months, either in the form of cash or in the form of 50 million newly-minted Spiffbet shares, following after the acquisition of Sir Jackpot and Live Lounge.
As part of the acquisition deal, Spiffbet will also assume liabilities to the tune of SEK 10 million. The companies have negotiated an additional payment that would depend on growth targets reached by December 31, 2022.
Should Manisol Gaming meet the brand KPIs, Spiffbet will pay another SEK 6 million, which will be redeemable both as cash and share options. Both companies are in the process of conducting due diligence checks to finalize the process. This is expected to complete by the end of the month.
Spiffbet is in the process of completing a private placement to raise the necessary capital and see the deal through. As a result of the acquisition, Spiffbet will have access to pivotal Manisol Gaming brands. They include Scandibet and TurboVegas, consolidating the company’s footprint.
Boosting Synergies and Complementing Strengths
Spiffbet believes that the latest acquisition puts a new lease of life on the company, which is reaching a “critical mass.” Enough, believes Spiffbet CEO Henrik Svensson, to make the company a player to reckon with in iGaming.
Svensson believes that by acquiring key partners, Spiffbet can improve its own operations by combining expertise and boosting synergies. Manisol majority owner Johan Styren is stepping in as strategic advisor for Spiffbet, in charge of casino operations.
Commenting on the opportunity, Styren explained that Manisol and Spiffbet had many similarities and a shared dedication to building a strong product. To thrive, the companies would most likely want to tap into each other’s strengths.
Styren is confident that the latest alliance would allow the companies to accelerate their growth not just in the Scandinavian markets but also elsewhere in Europe. Spiffbet in the meantime recently expanded its deal with Fast Track.
Similarly, the company also joined Aspire Global’s Pariplay network. As Spiffbet gathers momentum, the acquisition of Manisol Gaming is unlikely to be the company’s last.