ased in Malta and offering services to clients primarily based in Scandinavia, Betsafe increased revenues in 2010 by 119 % to 25.9 million euros and reported twelve-month unaudited revenues to the end of May of 33.4 million euros with an operating profit of 6.9 million euros.
Betsson finalised its acquisition of Artic Invest AS, which is the holding company behind Betsafe, in June and agreed to lay out up to an additional 27.5 million euros in cash or shares ‘based on the development of the acquisition and the integration thereof during 2011’ to take the total purchase price to a maximum of 60 million euros.
“Betsafe has reached the targets in 2011 for the additional purchase price amounting to 15 million euros,” read a statement from Betsson. “If conditions are fulfilled, the remaining part of the additional purchase price, up to 12.5 million euros, is estimated to be paid up until the end of the first quarter of 2012. The board of directors of Betsson has resolved that the first additional purchase price in the amount of 15 million euros shall be paid by way of issue of Betsson shares.”
Betsson stated that it will be issuing 1,056,403 new Class-B shares this week at 14.55 euros each to the ‘sellers of Betsafe’ and take its total issued share capital to 41,394,392.