Malmö, Sweden, 2013-10-22 10:00 CEST (GLOBE NEWSWIRE) --
- Betting Promotion Sweden AB (publ) has today entered an agreement with Atletico Nordic B.V. ("Atletico") to acquire 100 percent of Tain AB (“Tain”), based in Stockholm, including the subsidiaries Tain Ukraine LCC, Tain Malta LTD, Tain International N.V. and WL Services N.V.
- Betting Promotion’s acquisition of Tain is subjected to an approval from the up-coming Extraordinary General Meeting and involved gaming authorities.
- The acquisition is implemented through an issue of 9,520,065 new shares in Betting Promotion that are given to Atletico.
- Since Atletico owns more than 10 percent of Betting Promotion, the trancaction will be treated in accordance with the Swedish Securities Council’s (Aktiemarknads-nämnden) statement 2012:05.
- With respect to the volume weighted average price for Betting Promotion for ten trading days prior to the signing of the agreement, the purchase price of Tain is approximately MSEK 44.3.
- The distribution of the new shares to Atletico is expected to occur around the end of November/beginning of December 2013.
- Tain’s revenue for year 2012 was approximately 4.4 MEUR.
Reasons for the acquisition
The acquisition of Tain is a further step in the strategy adopted by the Board of Betting Promotion at the beginning of 2010. Tain complements Betting Promotion’s current product offering and the merger between the companies enables cost savings.
"We are pleased that we now are close to a merger. The collaboration between the companies began in the fall of 2010 and has from the beginning worked very well. The new constellation will increase our market exposure, give us a broader revenue base, increase the resources and increase opportunities for cost savings." says Jonas Ornstein, CEO of Betting Promotion Sweden AB (publ).
"Tain and Betting Promotion will create a strong, independent full-service supplier that is well positioned to compete in a rapidly maturing gaming industry." says Christer Fahlstedt, CEO of Tain AB.
Tain in short
Tain has been active in the online gaming industry for over twelve years and works within the Business to Business (B2B) segment. Tain has a complete range of products and collaborates with several leading software providers to offer customers a flexible and competitive overall solution.
Tain is a privately owned company with several offices around the world. This includes offices in Stockholm, Ukraine and in Malta. Furthermore, Tain has licenses in Malta, Kahnawake and Curacao and follows regulations on several nationally regulated gaming markets.
For further information, please contact:
Peter Åström, Chairman of Betting Promotion Sweden AB
Tel +46 70 56 27 47
Jonas Ornstein, CEO of Betting Promotion Sweden AB
Tel +46 40 611 84 94
Certified Adviser:
The Company´s Certified Advisor is Mangold Fondkommission AB, which can be contacted via www.mangold.se or by phone +46 8 503 015 50.
Betting Promotion Sweden AB (publ) is the holding company for operating subsidiaries. Betting Promotion puts the odds and acts as market maker on sporting events. Games are handled both before the match and during the match, so called live betting. Since 2003, Betting Promotion has been a market maker at the world’s leading betting exchanges. The trade is done automatically and is thus meant to be both effective and stable. Betting Promotion also offers odds to bookmakers.
