Swedish online operator Spiffbet has today confirmed the acquisition of Manisol Gaming, which operates Scandibet and TurboVegas.
The deal was first negotiated in February, with a letter of intent signed by both companies.
Spiffbet’s casino sales are expected to increase by up to 50% as a result – a figure determined by December 2020 and January 2021 results for the two operators.
“Finally, we are at the end of this deal and can focus on jointly developing Spiffbet’s casino operations,” said Manisol owner Johan Styren.
“Our team will now strengthen Spiffbet’s organization and I view the future development very positively. Now Manisol can increase the pace of the investments we have already begun with establishment in additional markets, both in and outside Europe,” Styren said.
Spiffbet will pay SEK19.1m (£1.6m/€1.9m/$2.2m), either in cash or newly issued shares, while it will also take on SEK10.9m worth of debt.
Spiffbet also plans to carry out a new share issue worth SEK41m.
Spiffbet CEO Henrik Svensson said: “Spiffbet has today taken a big step and become a player to be reckoned with in the gaming industry.
“We have reached the size required to increase margins and growth. The acquisition of Manisol also opens the door to major acquisitions and structural deals in the future. The acquisition journey continues.”
