Unibet’s acquisition of Betchoice finalised
The acquisition price is us$ 21.5 million, on a debt free cash free basis, which has been paid as cash up front today. In addition, there is an earn-out for Mark Morrissey, founder, Chairman and 38 per cent shareholder based on 5.5x 2014 EBITDA in Australia less the initial acquisition price. A further us$ 2.5 million in aggregate will be payable to certain other shareholders, if 2014 EBITDA in Australia exceeds us$ 4.7 million.
Mark Morrissey will remain with the business post completion. Unibet Group will consolidate Betchoice Corporation as from today in its results.
“We are grateful for the licensing authority’s swift processing which means that we get immediate access to the regulated Australian on-line market. The acquisition provides us with a basis to grow market share in Australia and means that Unibet’s gross winnings revenue proportion from re-regulated markets will increase,” says Henrik Tjärnström, CEO Unibet.
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