Entertainment Laboratories further improved their igaming portfolio after the company acquired a majority stake of 66.5 percent in the online casino operator Shogun Group based in Malta.
The group says it will move operations to its proprietary platform under its own licences, add BetX sportsbook from Enlabs and provide full support to accelerate business growth.
Shogun’s acquisition, which currently operates under Maltese licence through a third party gaming platform and is said to have just left the start-up process, will be completed in two phases.
First, Enlabs bought Shogun’s 66.5 percent majority interest for €664,000 from a group of investors, which will be settled by issuing 229,995 new Enlabs shares. The Shogun founders retain the remaining 33.5 percent shares.
Furthermore, Enlabs will invest € 1 million in the Shogun company operations as well as retain an option to purchase the remaining 33.5 percent in January 2023 for a five-fold net profit valuation.
Eric Holmberg, Shogun Group co-founder explained: “The collaboration with Enlabs and becoming a part of the Enlabs organisation will ensure the ongoing success of Shogun and gear up our development plans.
“In addition, new possibilities will arise through Enlabs. This is a great development and we are very excited for the future.”
The new move follows Enlabs, after making another investment of SEK 108.65 m (£9.43 m) to raise its interest in the company to 54 percent, to increase its stake in Global Gaming.
In June, after making an initial investment of more than SEK 90 m ( £ 7.69 m), Enlabs became the largest shareholder in Global Gaming to raise its overall stake to 29.89 per cent.
George Ustinov, Enlabs CEO said: “Our investment into Shogun Group will compliment and speed up our development into new markets bringing to the table new brands and proven regional sales expertise.
“It is an exciting opportunity to take a white-label operation in-house in order to enrich our sales knowledge, and test and develop our technical capabilities. Enlabs makes a confident step towards becoming a more global igaming operator.”