Allwyn has agreed a deal to acquire a 51% majority stake in Logflex MT Holding Limited, the owner of online sports betting and gaming group Novibet. As part of the deal Allwyn will pay an initial €217 million (£180 million/$225 million) in cash to acquire the stake. Then an additional €110 million will be due
Allwyn has agreed a deal to carry out a 51% majority stake in Logflex MT Keeping Shrimp, the proprietor of online sports activities betting and gaming crew Novibet.
As allotment of the deal Allwyn can pay an preliminary €217 million (£180 million/$225 million) in cash to carry out the stake. Then an additional €110 million will be due in doable future earnouts in step with Novibet’s performance.
Subject to relevant merely and regulatory approvals, the acquisition is expected to shut in the 2d half of of 2025. It became as soon as announced on 30 December.
The utilization of over 1,000 folks, Novibet is active in a amount of markets including Brazil, Cyprus, Greece, Eire and Mexico. It operates out of hubs across hubs in Malta, Greece and Brazil.
In step with Allwyn, the acquisition will bolster its technological capabilities and toughen its online sports activities betting and gaming ambitions.
Allwyn stated this acquisition became as soon as a continuation of its procedure to carry out selective acquisitions in relevant merchandise, applied sciences and philosophize to enhance growth. It beforehand announced the acquisition of a 70% stake in Prompt Win Gaming in February 2024, which is additionally essentially based fully on this approach.
By manner of management, the Novibet founding management workers will proceed to characteristic the replace after the transaction completes. Novibet will hobble as a separate replace to Allwyn, perfect below its present trace.
Allwyn CEO talks up “wide” innovation doable
Commenting on the deal, Allwyn CEO Robert Chvatal stated the acquisition will toughen the crew’s momentum. He added that players across several markets will additionally win pleasure from its expanded offering.
“The innovation doable of this transaction is wide as we admire to present our customers entry to the very most efficient journey in online sports activities betting and gaming,” Chvatal stated. “Novibet has a world-class workers and we admire ahead to capitalising on the worldwide alternatives ahead.”
Novibet CEO George Athanasopoulos additionally welcomes the deal. He stated joining Allwyn marks the start up of an “interesting modern chapter” for Novibet.
“Allwyn’s dedication to growth alternatives became as soon as a key element in our choice,” Athanasopoulos stated. “We admire ahead to combining their intensive resources and journey with our leading abilities and operational journey.
“This partnership will velocity up our skill to develop proprietary solutions, accomplish higher our product offering and lengthen our success to a important higher worldwide target market at a quicker slither.”
Austria, Cyprus and Greece growth drives Allwyn in Q3
The deal comes on the support of Allwyn publishing its monetary results for Q3. Published final month, these confirmed a 7% lengthen in earnings following growth in Austria, Cyprus and Greece.
Consolidated earnings for the three months to 30 September hit €2.14 billion, surpassing the £2.01 billion reported in Q3 2023. Grievous gaming earnings became as soon as additionally 7% higher year-on-year at €2.06 billion.
Particular markets across Europe seen valuable growth. Greece and Cyprus led the vogue with a 17% lengthen in consolidated earnings, while earnings in Austria became as soon as up 7% year-on-year.
On top of this, Allwyn’s UK-facing Nationwide Lottery replace additionally persisted to admire success. UK earnings grew 3% to €980.9 million despite exercise stages being broadly proper compared with the outdated year.
Source: iGamingBusiness
