Betsson AB has completed its $25 million acquisition of market-leading Peruvian operator Inkabet, which it described as “strategically essential.”
The Stockholm-listed online gambling group said this morning that it has completed all of the necessary processes to acquire Inkabet’s B2C online business, bringing a deal that had been arranged in August to a completion.
Betsson agreed to an x 3.8 payout based on Inkabet’s EBIT performance over the previous 12 months as part of the deal. Betsson has committed to a $4 million bonus contingent on Inkabet’s first six-month EBITDA results, further incentivizing the acquisition.
Increased yearly results
Inkabet, a Peru-licensed company, is said to have produced $25 million in sales and $8.8 million in operating profitability over the last 12 months, representing a 146 percent increase over the previous year’s results.
Betsson has strengthened its portfolio in South American countries with the acquisitions of Suaposta Brazil and Colbet Colombia, as well as LatAm payments provider JDP Tech.
Betsson said in September that it has started looking for a replacement for outgoing Group CEO Pontus Lindwall, who had accomplished “all objectives of the group’s Back on Track transformation strategy.”
Betsson greatly extended its footprint in new underserved regions in South America, Eastern Europe, and Africa under Lindwall’s leadership, diversifying growth away from saturated European and Scandinavian markets.