Swedish online casino operator Mr Green and Company AB has announced the signing of an agreement that could see it spend up to $10 million in order to fully acquire Maltese rival Evoke Gaming Limited from venture capital firm Bonnier Growth Media.
Stockholm-listed Mr Green and Company AB declared that the all-cash transaction is to encompass an initial outlay worth just short of $8.3 million while an additional $1.7 million could become due ‘if certain conditions are met’.
Mr Green and Company AB stated that the deal, which is expected to be completed during the first quarter of 2018, will see it take control of Evoke Gaming Limited’s online casino and sportsbetting domains at Redbet.com, Bertil.com, MamaMiaBingo.com and Vinnarum.com before making ‘significant synergies’ and expanding some of these sites into its own ‘existing and future markets’.
Per Norman (pictured), Chief Executive Officer for Mr Green and Company AB, described the acquisition as an ‘ideal fit for our business plan and strategy’ and part of his firm’s policy of ‘nurturing a small number of strong brands that can work globally’.
“With Redbet.com and MrGreen.com, we have two immensely strong brands addressing different segments and we see major potential to expand Redbet.com into our existing markets,” read a statement from Norman.
Mr Green and Company AB additionally explained that Evoke Gaming Limited chalked up annual revenues of just over $18.3 million last year while the figure for the initial nine months of 2017 reached approximately $8.7 million. It detailed that the acquisition is to be subject to ‘the customary regulatory approval’ and will see Fredrik Stael Von Holstein remain in charge of the Valletta-based firm’s operations while moreover joining the management team of its own Mr Green Limited subsidiary in Malta.
“Evoke Gaming [Limited] is on the threshold of a significant turnaround,” read a statement from Von Holstein. “Mr Green [and Company AB] will give us the muscles to continue growing internationally in an effective manner.”