USD 2.5M in regional operations
ahaWorld focusing on South American sports betting market
2016-11-28
Reading time 37 seg
ahaWorld AB has signed Letter of Intent (LoI) for acquisition of sports betting company with focus on South America. In the first acquisition phase, it will own 51% of the entity with option to complete the transaction within 24 months in two stages.
The first acquisition phase will be financed via new share issue in ahaWorld of 4.3 million shares. The new share issue will result in dilution of 25.5 pct
The remaining stages will be financed either via issue of new shares or in cash, to be decided by ahaWorld.
The valuation at each acquisition stage will be made at the time of option being exercised, and will correspond to multiple of 6 times EBIT in seller's business.
During the past 12 months South American operations, as specified by the seller, had net sales of about 2.4 million euros (about 23.5 million Swedish crowns) and generated EBIT of about 1.15 million euros (about 11 million crowns).
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