Sweden’s Mr Green & Co has exercised its option to acquire all of the shares in mobile casino Garbo.com, while also agreeing to purchase the outstanding shares in social casino studio Social Thrills.Through its Green Gaming Group subsidiary, the company has agreed to pay €0.5m for DSRPTV Gaming Ventures, which recently launched a new mobile casino product directly targeting female players under the Garbo.com brand.
Mr Green had already invested €0.5m in DSRPTV and had an option to acquire the company, including three years annual royalties based on future earnings, until April 2016. This option has now been taken up by the company.
Mr Green CEO Mikael Pawlo owns 78.9 per cent of DSRPTV shares. The company said it may pay an additional purchase consideration to minority shareholders holding 21.1 per cent of the shares, although Pawlo will not be entitled to this.
Garbo.com was launched last October, targeting female players wishing to play casino games via tablets or smartphones. In its 2013 Annual Report, Mr Green said that the casino had seen a “very buoyant” beginning since its launch. It is run from Malta by Mr Green’s former CEO Marcus Nylén.
“Garbo.com is aimed at women who mainly play on mobile devices – a niche the company is essentially alone in serving,” said Mikael Pawlo, CEO of Mr Green & Co.
Mr Green also confirmed this morning that it would acquire the outstanding 58.15 per cent share in Social Holdings, owner of the social casino studio Social Thrills. The purchase consideration amounts to a maximum of SEK16.6m, including an additional purchase consideration which has not been revealed. The initial payment will total SEK2.22m.
“Gaming on Facebook is growing rapidly and is an area where Social Thrills commands an excellent position,” continued Pawlo.
Green Gaming Group already owned a 41.85 per cent stake in Social Holdings, which launched its first game for Facebook last November.
Mr Green co-founders Fredrik Sidfalk and Henrik Bergquist were both involved in founding the social casino studio, and helped devise the concept for Spin Tower Casino. So far, Mr Green has invested a total of SEK18.9m in Social Holdings.
“These are two companies focused on two strategically highly attractive target audiences,” said Pawlo. “There is considerable synergy potential between the two acquired companies and Mr Green, in terms of both marketing and i-gaming development.”
Both deals will be subject to shareholder approval at the company’s Annual General Meeting next week on April 24th.
source : www.gamingintelligence.com
