GiG acquires Sportnco in 51 4m deal

Gaming Innovation Group (GiG) has completed its acquisition of Sportnco Gaming, after signing a share purchase agreement on 22 December 2021

Gaming Innovation Group (GiG) has completed its acquisition of Sportnco Gaming, after signing a part purchase agreement on 22 Dec 2021.

GiG has at present received the relevant favorable reception to fill out its acquisition and will have 100% of Sportnco's shares, which are considered to be worth €51.4m ($56.8m). Sportnco testament keep back €18.6m of its existing long-term loans.

GiG has also entered into an investiture accord with SkyCity, inwards which SkyCity has invested €25m through and through a direct part issue. This amount is equivalent weight to 13,487,500 young shares; it has essentially financed the mass of GiG’s immediate payment thoughtfulness for purchasing Sportnco.

The issuance of 26,110,900 new shares past GiG to its partners has increased the company’s owing(p) shares from 96,675,626 to 122,786,526. The shares GiG has issued to Sportnco are depicted object to a six-month lock-up period.

The acquisition of Sportnco has extended GiG’s mathematical product portfolio into the sports and iGaming industry, adding to the platform’s exisiting offering.

GiG CEO Richard Brown said: “It is with tremendous excitement that we now tread forward into the next chapter in GiG’s history.

“The team up at Sportnco has built a tremendous business, ace that is extremely complementary to GIG’s offering both inward the production but also addressable securities industry increase, and at present the put to work begins to realise the genuinely existing development opportunities that the business concern compounding canful pursue.

“We welcome both the owners of Sportnco & SkyCity as shareholders, and the faculty of Sportnco into GiG organisation, and now move forrad with replete(p) focussing on the writ of execution of the post-merger integration plan.”