Betshop Is Latest L & G Acquisition
Published: Wednesday, June 21, 2006 Online-Casinos.com
BETSHOP IS LATEST L & G ACQUISITION
Energetic Assheton continues on the acquisition trail with GBP 32.06 million BetShop deal
Leisure and Gaming CEO Alistair Assheton was on the acquisition trail again this week, reeling in the BetShop group (BSG) to his growing stable of online gambling companies, which now includes Nine.com, English Harbour and VIP.
In a statement, Assheton said: "Through the acquisition of BSG we substantially strengthen our European offering and further diversify our global revenues, in line with our corporate strategy." He added that the acquisition, which is expected to complete on June 23, will enhance earnings in its first full year.
It is believed that the total consideration involved in the deal is some GBP 32.06 million, another indication of the deep pockets behind L&G. The company will initially pay up to GBP 12.69 million in a mixture of cash and shares. The full additional consideration of GBP 19.37 million is payable subject to the business achieving its maximum earnings before interest and tax targets for the years ending December 31, 2006, 2007 and 2008 of GBP 2.65 million, GBP 5.2 million and GBP 7.25 million respectively.
In the year ended June 30, 2005 BSG recorded revenues of about GBP 74.54 million and earnings before interest and tax around GBP 850 000.
BetShop claims to be Europe's fourth largest retail betting operator, and back in February this year had announced that it was in preparations to float on the London Stock Exchange. It is not known if these will still be carried through.
Based in Wimbledon, UK the company is operated by managing director Gabriel Chaleplis, a former sports and marketing director at Eurobet who founded Betshop some ten years ago. His personal plans were not revealed.
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