LeoVegas has entered into an agreement to sell its subsidiary
Authentic Gaming to Genting. The sales price is EUR 15 m on a debt-free basis and represents a
return of more than 100% during a slightly more than three-year
period
STOCKHOLM, Oct. 30, 2019 /PRNewswire/ -- Authentic Gaming
has developed into a profitable company with a prominent position
in its niche in the live casino market. Genting, with over 50,000
employees, is one of the world's largest groups in land-based
casino with a rapidly growing digital business arm. Authentic
Gaming is one of three holdings included in LeoVentures, the
LeoVegas Group's investment company for innovative gaming-related
businesses.
"We have now laid the foundation for Authentic Gaming to take
its next big step in live casino," comments Jonas Delin, CEO and founder of Authentic
Gaming. "I am very happy that Genting, with more than 50 years
of experience in gaming and entertainment, shares our vision to
weave online and land-based casino and has chosen to invest in our
product and team. At the same time I want to thank LeoVegas for
their tremendous support since the start and for the platform that
LeoVentures has created for us to take us to where we are
today."
Jeremy Taylor, Managing Director
of Genting Online, comments: "Our global presence in land-based
casino gives us a platform to grow online at a fast pace. Our
vision is to offer our customers an amazing gaming experience from
all of our casinos around the world, 24 hours a day through any
device. With Authentic Gaming's advanced technology and innovative
product, we are convinced that together we have a good position to
realise that vision."
Gustaf Hagman, Group CEO,
LeoVegas Mobile Gaming Group: "This is a milestone for
LeoVegas. The time is now right to sell the enterprise to the
industry giant Genting, which is the perfect buyer to take
Authentic Gaming to the next level. The deal shows our innovative
strength in the Group and our ability to develop and build
sustainable companies. We have thereby created shareholder value
with more than a 100% return on our investment in Authentic
Gaming."
About Authentic Gaming
Authentic Gaming delivers an innovative product portfolio in the
live casino segment, with real-time streaming from land-based
casinos. As a customer you play online in a real casino
environment. Authentic Gaming is a standalone company in the
LeoVegas Group and is part of LeoVentures. Authentic Gaming
generated approximately EUR 1 m in
revenue during the second quarter, with a neutral effect on the
Group's EBITDA. The transaction is expected to close in
October 2019, and the realised gain
on the sale will be recognised in the fourth quarter interim
report.
LeoVentures
LeoVentures has the capacity to drive growth and value creation
by allowing its portfolio companies to retain their entrepreneurial
identities and independence at the same time that they can
accelerate with capital, knowledge and strength from the entire
LeoVegas Group.
This information is such that LeoVegas AB (publ) is obligated
to make public in accordance with the EU Market Abuse Regulation
596/2014. The information was submitted for publication, through
the agency of the contact person below, at 8
a.m. CET on 30 October
2019.
For Further Information, Please Contact:
Philip Doftvik
Director of Investor Relations and Corporate Finance
+46-73-512-07-20, philip.doftvik@leovegasgroup.com
About LeoVegas Mobile Gaming Group
LeoVegas' vision and passion is to be "King of Casino".
LeoVegas is the premier GameTech company and is at the forefront
of using state-of-the-art technology for mobile gaming. A large
part of this success can be credited to an extreme product and
technology focus coupled with effective and data-driven marketing.
Technology development is conducted in Sweden, while operations are based in
Malta. LeoVegas offers casino,
live casino and sports betting, and operates two global and
scalable brands - LeoVegas and Royal
Panda - as well as a number of local brands in the UK.
LeoVegas is a global group in which LeoVegas AB (publ) is the
parent company. LeoVegas AB (publ) does not conduct any gaming
operations; rather, operating activities are conducted by
subsidiaries within the Group. The company's shares are listed on
Nasdaq Stockholm. For more about LeoVegas, visit
www.leovegasgroup.com.
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LEOVEGAS TO SELL
SUBSIDIARY AUTHENTIC GAMING
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