Optibet operator Enlabs has received approval from the Estonian Competition Authority to proceed with its acquisition of Global Gaming.
Enlabs noted that the only condition attached to its non-negotiable offer was that it receive all necessary approvals, permits and clearance from regulatory bodies, including competition authorities.
The Estonian Competition Authority’s approval, the operator said, meant that the only condition for completion has now been met, meaning it can proceed with buying up all remaining shares in Global.
Enlabs’ bid, published in late September, values Global Gaming at SEK450m (€43.2m/$50.8m). It currently holds a stake of approximately 66.70% in the Ninja Casino operator, and will pay a maximum of SEK150m for the operator’s remaining 13.6m shares, and issue up to 4.9m in Enlabs.
Global’s investors have the option to sell each share they hold priced at SEK11 apiece, or exchange them for 0.36 shares in Enlabs. They may also take a payment comprising 50% cash, and 50% shares.
The bid has backing from an independent board committee formed by Global to evaluate the offer. This was necessary as Niklas Braathen chairs both businesses, with the committee comprising Jonas Bertilsson, who serves as its chair, Michael Niklasson and Arne Reinemo, as well as acting chief executive Christian Rasmussen.
While the committee said the offer was “moderate” compared to other recent takeover bids for First North or Nasdaq Stockholm-listed businesses, it said the deal was a good strategic fit. In particular it noted that the acquisition would allow Global to expand activities in core Enlabs markets, and vice-versa, as well as targeting newly regulated territories such as Ukraine.
Global shareholders will now have until 2 November to accept Enlabs’ offer. Should its stake be raised to more than 90% of the operator’s shares, Enlabs will delist Global from the Nasdaq First North Exchange.
Shares in Enlabs are trading down 0.16% at SEK31.40 per share in Stockholm Friday (9 October) morning, while shares in Global Gaming are down 0.18% at SEK11.10 per share.
