GiG Acquires AskGamblers.com via Share Purchase by Innovation Labs
Last December, the leading technology company in the iGaming industry sealed the historical acquisition deal with Catena Media Plc. Now, Gaming Innovation Group (GiG) has announced the completion of the acquisition process for casino affiliate sites Askgamblers.com, Johnslots.com and Newcasinos.com along with a series of smaller domains from Catena Media Plc.
According to the terms of the agreement inked at the end of 2022, Catena media Plc agreed to sell its two wholly-owned Maltese and Serbian subsidiaries that were operating the AskGamblers brand along with their associated online casino brands.
The acquisition deal was inked for €45 million ($48.8 million) which the two brands agreed would be paid in cash in three tranches. The group also announced that it would finance the acquisition with a combination of cash, a share issue, and a revolving credit facility.
Now, according to the latest updates, GiG will consolidate the respective assets starting January 31. The transaction will take place with the help of a share purchase of the total shares issued by Catena Publishing Limited and Catena Media doo Beograd.
The share purchase will be completed with the help of Innovation Labs Publishing. The latter is a GiG subsidiary. GiG will pay €20 million ($21.6 million) on January 31, €10 million ($10.8 million) on January 21, 2024, and €15 million ($16.2 million) on January 31, 2025.
GiG’s chief executive officer Richard Brown expressed the company’s excitement to be adding yet another “top casino affiliate site” to their portfolio while acknowledging the huge growth potential of the acquisition. Brown spoke about the way the acquisition is expected to help them widen their geographical footprint while boosting revenue diversity and cutting their overall operational risk.
GiG also took the opportunity to express its eagerness to create a synergy between its own search engine optimization and marketing technology skills with Askgamblers’ impressive know-how to generate fresh opportunities.
Ultimately, Askgamblers will be turned into a flagship domain for GiG’s media division, becoming an essential element that would help GiG generate revenue and grow EBITDA in the upcoming years.
GiG currently carries its operations from Malta and it is listed on the Oslo Stock Exchange and the Nasdaq Stockholm Exchange. Its main goal is to become the leading platform to provide sportsbook and media solutions to iGaming partners along with their customers while driving sustainable growth and profitability.
In the last week, GiG announced it extended its presence in Latin America with Playr.bet while inking a head of terms agreement with a major casino company in Europe whose name has not been disclosed.