Unibet signs agreement to acquire Betchoice
Unibet has signed an agreement to acquire Australian independent online bookmakers Betchoice. The initial acquisition price is set at £13.6 million on a cash free and debt free basis, payable on completion, which is subject to the approval by the Northern Territory regulator and is expected before the end of Q2 2012.
“This strategic acquisition gives Unibet immediate access to the regulated Australian market, which is currently open to sports betting and horse racing. We intend to rebrand the business quickly to Unibet. Betchoice already has a strong offering and market position in horse racing and through Kambi, Unibet has the opportunity to enhance the quality and performance of Betchoice’s sports betting offering and so to deliver revenue growth and margin improvements,” says Henrik Tjärnström, CEO Unibet.
“In addition to benefit from the already existing Australian product offering, the acquisition of Betchoice will provide Unibet with a platform to facilitate other gambling services and opportunities should market conditions continue to improve,” he added.