Gaming Innovation Group (GiG) has entered into a Share Purchase Agreement that will see it acquire sportsbook and platform provider Sportnco Gaming (Sportnco) for an initial consideration of €50.8m.
Sportnco has rebranded from France Pari and is a provider of turnkey betting and gaming solutions to operators in regulated markets with proprietary sportsbook and player account management solutions.
The provider has a strong presence in France and has also expanded into Spain, Peru and Greece. It is partnered with Betway, Casino Gran Madrid, NetBet, Casino Barcelona and Peru’s Casino Atlantic City and Olimpo.
According to GiG, the combined company will boost its position as a leading platform and media provider andat the close of the deal, Sportnco and GiG will be licensed in 25 markets, with approximately 55 clients.
GiG will pay an initial consideration of €50.8m, of which €23.5m will be paid in new GiG shares with the remaining €27.3m to be paid in cash. Sportnco’s existing debt of €19.2m will also be assumed by GiG and could pay an earn-out of up to €23m, based on the supplier’s performance in 2022 and 2023.
Richard Brown, CEO at GiG said that the hugely complimentary regulatory profile and high-quality sportsbook that Sportnco have, rapidly expands both companies’ short and long-term addressable market.
Herve Schlosser, CEO and founder of Sportnco, said the two companies were a perfect match, both in terms of product and area of business, and also through sharing the same corporate values.
He added that their mutual PAM solutions will enable them to cover European and American regulated markets for existing and future clients.
SkyCity Entertainment Group will invest €25m into the business through a directed share issue after entering into an agreement with GiG.