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NetEnt acquires casino software provider Red Tiger

George Miller

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NetEnt acquires casino software provider Red Tiger
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NetEnt has entered into an agreement to acquire fast-growing online slot supplier Red Tiger Gaming Limited (“Red Tiger”) in an all-cash deal with an initial enterprise value of GBP 200 million plus a possible additional amount of maximum GBP 23 million in 2022. The transaction will be completed imminently and is expected to be accretive to NetEnt’s EPS in 2020.

Established in 2014, Red Tiger is a leading online supplier of casino games and software renowned for its daily jackpot games. The company has approximately 170 employees with operations in Malta, Isle of Man and Bulgaria. Red Tiger’s earnings before interest, taxes, depreciation and amortization (EBITDA) is expected to reach GBP 18 million for the full year 2019.

The deal is in line with NetEnt’s vision to create the future of gaming. Over the last several years, the company has invested in a global infrastructure focusing on customer reach and regulated markets, supporting a platform for scale. The acquisition of Red Tiger gives NetEnt the opportunity to capitalize on its scalable technology to support future growth.

I am very pleased to welcome Red Tiger into the NetEnt Group. The acquisition combines two of the leading and most innovative companies in the online gaming industry. We look forward to working with Red Tiger’s fantastic team to enhance our combined global reach and to offer further value to operators and players. The transaction will provide significant revenue synergies across our markets worldwide,” says Therese Hillman, Group CEO of NetEnt.

Gavin Hamilton, CEO of Red Tiger, comments: “This is an exciting new stage of the Red Tiger story and we are delighted to become part of the NetEnt group. Accessing NetEnt’s unparalleled distribution network and geographic footprint will unlock new opportunities for Red Tiger and will further accelerate our growth. At Red Tiger we’ll remain focused as always on driving further innovation and we are looking forward to working with NetEnt on how to leverage our combined capabilities to create new products that wow our customers.”

NetEnt pays an initial consideration of approximately GBP 197 million for 100 percent of the shares of Red Tiger. In addition to the initial purchase consideration, a remaining amount of maximum GBP 23 million may become payable in 2022 on an earn-out basis, subject to Red Tiger’s financial performance over the coming two years. This implies a maximum enterprise value of GBP 223 million, corresponding to an enterprise value multiple of c. 12 times current year EBITDA. NetEnt’s income for the third quarter of 2019 will include approximately SEK 55 million of transaction- and financing-related costs.

The acquisition is financed primarily through new debt facilities provided by Danske Bank and Nordea.

Lazard has acted as financial advisor and Cirio Advokatbyrå has acted as legal advisor to NetEnt in connection with the transaction.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Patagonia Entertainment Signs Deal with Booongo

Niji Narayan

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Patagonia Entertainment Signs Deal with Booongo
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Patagonia Entertainment has signed an agreement with HTML5 games developer Booongo Games. This agreement will see Patagonia integrate a wide selection of slot titles onto its Gaming Aggregation Platform.

Patagonia clients will now be able to access Booongo’s cutting-edge portfolio, which includes top-performing games. The latest releases from Booongo such as Vikings Winter and Olympian Gods will also be made available on the Patagonia platform.

“Booongo Games places huge importance on creating immersive and engaging slot content. This raft of new games will be a welcome addition to our Gaming Aggregation Platform,” Victor Arias, Patagonia Entertainment’s Global Business Development Manager said.

“We’re excited to have signed this agreement with Patagonia and extend our base of clients in Latin America. Our partnership with Patagonia underlines the commitment we have for improving player engagement with the casino brands in Latin America and this will bring value for both Booongo and our partners,” Sebastian Damian, Commercial Director at Booongo said.

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EGT Interactive Launches its High-Quality Casino Slots in Spanish Market

Niji Narayan

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EGT Interactive Launches its High-Quality Casino Slots in Spanish Market
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Leading casino games supplier EGT Interactive has launched its high-quality casino slots in the regulated Spanish market.

The extensive customer base of vivelasuerte.es will now have access to the first batch of 20 of the hottest EGT slots. All slots also feature the attractive Jackpot cards game, which provides the players one more chance of great wins.

“We are extremely excited of this new partnership as it is a continuation of our long-term collaboration with Orenes Grupo in our land based operations. We have no doubt of the success of our portfolio as EGT games have already been in the market for quite some time and we have seen the great interest of the Spanish players. At the same time, we are happy to have one of the strongest operators in the market as a partner for the online operations as well as it will strengthen not only the position of our portfolio in the market but also our partnership,” Todor Zahariev, CEO of EGT Interactive said.

“We are delighted by the collaboration with EGT and the opportunity this provides to our online operations. Their games gives us a great confidence, backed up by a solid historical in several landbased Casinos of ours. The integration of this brand within our online slots and casino portfolio fits VivelaSuerte.es strategy of having products characterized by a quality seal that meet the highest standards,” Juan José López, Online and Sports Betting Director of VivelaSuerte.es, said.

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BBIN’s TGB Charity Plants a Million Trees

Niji Narayan

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BBIN’s TGB Charity Plants a Million Trees
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TGB Charity, the nonprofit brand of BBIN, has successfully ended their global tree-planting event “For the Next.” The event lasted for 4 months and received over 600,000 supportive responses globally. BBIN has planted a million trees during the event.

TGB Charity not only shows actual support through corporate donations, but also hopes to keep drawing public attention to the social economy, environmental protection, medical resources, the needs of vulnerable populations and other issues through fun and meaningful events.

BBIN will continue to pay attention to the global issues related to vulnerable populations, afforestation, animal rescue and more. In the future, TGB Charity will continue to support and hold various charity events to help vulnerable populations from all corners of the world and to build a better future for the next generation.

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