BETSSON PAYS FINAL ADDITIONAL PURCHASE PRICE IN RELATION TO THE ACQUISITION OF BETSAFE
As previously announced Betsson AB (publ) (”Betsson”) has acquired Betsafe (through the acquisition of the holding company Artic Invest AS) (“Betsafe”), a gaming company based in Malta, offering sports betting, casino and poker to clients primarily in the Nordic region.
In connection with the completion of the transaction on 15 June 2011, Betsson paid an initial purchase price for the operations of Betsafe in the amount of EUR 34.0 million, comprised of cash and cash equivalents at a value of EUR 19.6 million and class B shares in Betsson at a value of EUR 14.4 million. In addition, Betsson paid EUR 7.4 million regarding acquired cash and cash equivalents and acquired net income. Based on the development of the acquisition and the integration thereof during 2011, an additional purchase price not exceeding EUR 27.5 million may become payable by Betsson, which means that the total purchase price for the operations will not exceed EUR 61.6 million and the total purchase price (including the acquisition of cash and cash equivalents and acquired net income) will not exceed approximately EUR 69.0 million.
Betsson has an option to pay any additional purchase price in cash or by way of transfer or issue of Betsson shares. If Betsson decides to pay by way of transfer or issue of Betsson shares, the final determination of the additional purchase price will be based on the market value of the shares delivered as of the settlement date. Betsafe reached the targets in 2011 for the additional purchase price amounting to EUR 15 million. As previously communicated the conditions are fulfilled for the remaining part of the additional purchase price, i.e. up to EUR 12.5 million.
The board of directors of Betsson has resolved that the second additional purchase price in the amount of EUR 12.5 million shall be paid by way of issue of Betsson shares. The board of directors of Betsson has therefore, based on the authorisation granted at the Annual General Meeting held on 12 May 2011, resolved to issue 606 817 class B shares, whereby the share capital of Betsson will increase with an amount of SEK 1,213,634, from SEK 82,788,784 to SEK 84,002,418. The new class B shares will be subscribed for by the sellers of Betsafe. The subscription price for the new class B shares amounts to approximately SEK 182 per share, corresponding to the average volume weighted share price for the Betsson share during 30 trading days immediately prior to the issue date.
Trading in the new shares is expected to commence on NASDAQ OMX Stockholm on or about 12 March 2012. As a result of the share issue described above, the number of shares in Betsson will increase from 41,394,392 (5,420,000 class A shares and 35,974,392 class B shares) to 42,001,209 (5,420,000 class A shares and 36,581,209 class B shares). The number of votes in Betsson will increase from 90,174,392 till 90,781,209.
For further information, please contact Magnus Silfverberg, CEO and President Betsson AB (publ), telephone +46 (0)8 506 403 00 or +46 (0) 70 27 147 00 or magnus.silfverberg@betssonab.com
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