iGaming Business – Sportsbetting solutions supplier Betting Promotion Sweden has entered into an agreement with gambling company Atletico Nordic to acquire 100% of gaming software developer Tain in a deal worth approximately SEK44.3 million (€5 million/$6.9 million).
The agreement will include the acquisition of the developer’s subsidiaries Tain Ukraine, Tain Malta, Tain International and WL Services.
Betting Promotion and Tain first entered talks at the end of August this year and stated that a deal was likely to be completed in October.
The acquisition will be implemented through an issue of 9,520,065 new shares in Betting Promotion that are given to Atletico. The distribution of these shares is due to begin by the end of November.
As Atletico owns over 10% of Betting Promotion, the transaction will be treated in accordance with the Swedish Securities Council’s statement 2012:05. The deal is subject to approval from the upcoming Extraordinary General Meeting and relevant gaming authorities.
“The collaboration between the companies began in the fall of 2010 and has from the beginning worked very well,” Betting Promotion’s chief executive officer, Jonas Ornstein, said.
“The new constellation will increase our market exposure, give us a broader revenue base, increase the resources and increase opportunities for cost savings.”
Tain chief executive officer Christer Fahlstedt added: “Tain and Betting Promotion will create a strong, independent full-service supplier that is well positioned to compete in a rapidly maturing gaming industry.”
