Spiffbet is set to acquire the brands from Manisol for a debt-free initial price of SEK30m. The acquisition includes SEK20m in cash and SEK10m in debt. There is also a potential additional payment of up to SEK6m, depending on meeting certain targets by the end of 2022. This payment can be made in cash or with 50 million newly issued Spiffbet shares, which are currently trading at €0.039 each on the Nasdaq First North Exchange. If the share option is chosen, a total of 109.5 million new shares will be issued by Spiffbet.
Manisol’s flagship sites in Malta and Sweden operate under Bethard’s license, using its Together Gaming platform. Spiffbet’s CEO, Henrik Svensson, sees this acquisition as a way for the company to reach a critical mass and establish itself as a major player in the gaming industry. He believes it also opens up opportunities for future major acquisitions and structural deals. Svensson hints at the possibility of further acquisitions on the horizon.
In August 2020, Spiffbet agreed to acquire Goliath Holding, the parent company of Goliath Casino, for about SEK2.6m. The company aims to maximize the advantages of being listed on the stock exchange and plans to continue acting as a locomotive for acquisitions.
Johan Styren, founder and owner of Manisol, will serve as a strategic advisor to Spiffbet’s board after the deal. Styren expresses excitement about finding a new owner for Manisol and believes the two companies complement each other and can utilize each other’s strengths.
Spiffbet’s head of casino operations, Maria Boelius, welcomes the Manisol team and sees their inclusion as a perfect reinforcement for their team and an asset to have Styren as a sounding board with his industry experience. The deal is expected to close this week, pending final approval of a share transfer agreement.
Spiffbet expects the acquisition to increase its casino sales by more than 50% and believes the integration process will be relatively easy due to shared platforms. The company plans to finance the acquisition through a private share placement, estimated to raise SEK41m.
