The gambling group Leo Vegas AB has entered an agreement to acquire the gaming operator Royal Panda for a price of around 60m EUR ($69.9m or £52.7m) with a further 60m EUR available for a potential earn-out payment. The purchase appears to be a drive by Leo Vegas to strengthen its position in regulated markets such as UK.
Speaking about the deal Gustaf Hagman, Group CEO, LeoVegas said:”Royal Panda has in a short time built up an efficient business with an exciting and strong brand. This is a major acquisition that we are carrying out following a carefully executed process. With the help of the strong symbolic value in the panda, the company has built a premium brand among gamers, and we will complement LeoVegas with Royal Panda. This gives us two great brands with global appeal, which makes the scalability in the continued growth strong while strengthening our position in the UK”.