LeoVegas to Sell Subsidiary Authentic Gaming
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 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:
Director of Investor Relations and Corporate Finance
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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