Betsson secures Peru top spot by completing $25m Inkabet takeover
Betsson AB has completed its ‘strategically important’ acquisition of market-leading Peruvian operator Inkabet for $25 million.
This morning, the Stockholm-listed online gambling group confirmed that it had finalised all necessary requirements to acquire Inkabet’s B2C online business – bringing a close to a deal that had been brokered last August.
Under the terms of the acquisition, Betsson has agreed to a x 3.8 payout on Inkabet’s EBIT performance over the last 12-months. The deal has been further incentivised by Betsson committing to a $4 million bonus, which is dependent on Inkabet’s initial six-month EBITDA results.
Founded in 2012, Peru-licensed Inkabet is reported to have generated revenues of $25 million and an operating income of $8.8 million over the past 12 months – recording 146% growth on its preceding year results.
The Inkabet deal is Betsson’s fourth M&A for South American markets, where it has bolstered its portfolio by acquiring Suaposta Brazil and Colbet Colombia, alongside LatAm payments provider JDP Tech.
This September, Betsson announced that it had begun an executive search to find a replacement for outgoing Group CEO Pontus Lindwall who had completed ‘all objectives of the group’s Back on Track transformation strategy’.
Under Lindwall’s stewardship, Betsson significantly expanded its presence within new underpenetrated markets in South America, Eastern Europe and Africa – diversifying growth from saturated European and Scandinavian markets.