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Swedish gambling operator LeoVegas announced the acquisition of the Royal Panda brand from the Maltese company Web Investments Limited.
Under the terms of the agreement, €60 million will be paid at the initial stage. Additional €60 million can be paid if the company receives revenues of €50 million, while EBITDA will be at least €15 million within 12 months.
In addition, at least €34 million of net gaming revenue and €5 million EBITDA should be received from the UK. As a result of this acquisition, LeoVegas adjusted its financial results for the next few years.
