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Ladbrokes agrees **** purchase
25 January 2013
British online and land-based sportsbetting operator Ladbrokes has entered into an agreement that will see it purchase the parent firm of global betting exchange operator **** for an initial consideration of €30 million.
Harrow-based Ladbrokes revealed earlier this month that it had entered into negotiations to buy Global Betting Exchange Alderney Limited and it has now announced that the deal is expected to be complete by the end of February and earnings accretive later in the year.
Ladbrokes stated that it is purchasing ****’s parent on a cash-free and debt-free basis from TBH Limited and has also agreed to acquire a ten percent stake in its technology providing TBH Guernsey Limited subsidiary for four million Euros. This second transaction contains a call option for the remaining shares after four years and is subject to certain conditions including regulatory approvals and confirmations.
“The **** exchange is a well-regarded and well invested business and a close strategic fit for Ladbrokes,” said Richard Glynn, Chief Executive Officer for Ladbrokes.
“While the main focus of our digital growth strategy continues to progress well, this bolt-on acquisition provides us with an exciting opportunity to grow our share of wallet through the creation of a differentiated and comprehensive sportsbetting proposition for customers and also supports our drive for improved liability management.”
Ladbrokes declared that the initial consideration includes €15 million in shares while it has agreed to pay an earn-out based on any growth in Global Netting Exchange’s adjusted gross profits between the end of 2012 and December 31, 2016.
25 January 2013
British online and land-based sportsbetting operator Ladbrokes has entered into an agreement that will see it purchase the parent firm of global betting exchange operator **** for an initial consideration of €30 million.
Harrow-based Ladbrokes revealed earlier this month that it had entered into negotiations to buy Global Betting Exchange Alderney Limited and it has now announced that the deal is expected to be complete by the end of February and earnings accretive later in the year.
Ladbrokes stated that it is purchasing ****’s parent on a cash-free and debt-free basis from TBH Limited and has also agreed to acquire a ten percent stake in its technology providing TBH Guernsey Limited subsidiary for four million Euros. This second transaction contains a call option for the remaining shares after four years and is subject to certain conditions including regulatory approvals and confirmations.
“The **** exchange is a well-regarded and well invested business and a close strategic fit for Ladbrokes,” said Richard Glynn, Chief Executive Officer for Ladbrokes.
“While the main focus of our digital growth strategy continues to progress well, this bolt-on acquisition provides us with an exciting opportunity to grow our share of wallet through the creation of a differentiated and comprehensive sportsbetting proposition for customers and also supports our drive for improved liability management.”
Ladbrokes declared that the initial consideration includes €15 million in shares while it has agreed to pay an earn-out based on any growth in Global Netting Exchange’s adjusted gross profits between the end of 2012 and December 31, 2016.
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