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Casino giant Genting Group has struck a €15m deal to acquire LeoVegas’ subsidiary Authentic Gaming, which broadcasts live casino content from land-based casinos around Europe
Updating investors, LeoVegas noted that the purchase price for Authentic, which generated revenue of approximately €1m for the three months to 30 June, represented a return of more than 100 per cent during a slightly more than three-year period.
“This is a milestone for LeoVegas. The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level. The deal shows our innovative strength in the Group and our ability to develop and build sustainable companies. We have thereby created shareholder value with a more than a 100% return on our investment in Authentic Gaming,” explained Gustaf Hagman, LeoVegas Group chief executive.
The agreement comes after LeoVegas in August reported a 10 per cent year-on-year increase in revenue for the first half of the year, but also said that challenging operating conditions in the UK limited its profits over the period.
“Our global presence in land-based casino gives us a platform to grow online at a fast pace. Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device. With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realise that vision,” added Jeremy Taylor, managing director of Genting Online.
Genting Group, with over 50,000 employees, is one of the world’s largest groups in a land-based casino with a rapidly growing digital business arm.
