Vera&John director excited by Intertain takeover

Vera&John director excited by Intertain takeover

Tuesday, December 16, 2014

Nicolas Lund, a director at Vera&John, has told TotallyGaming.com that the online gaming operator's impending takeover by Intertain Group will allow it to “move faster and stronger” in its worldwide growth.

It was announced today (Tuesday) that Toronto-listed Intertain has entered into a share purchase agreement to acquire the entire issued share capital of Dumarca Holdings, the Malta-based parent company of Vera&John.

The takeover, which was first announced in October and is still subject to regulatory approval, gives Vera&John the clout to progress beyond its original Scandianvian market, but Lund has told TotallyGaming.com that the deal is also key for Intertain, which owns the InterCasino and InterPoker brands.

“The Intertain Group provides a broad set of products and brands, catering for a wide audience, and is actively pursuing further global expansion and acquisition to extend its gaming portfolio," Lund said.

“With a proven track record of exceptional growth, global positioning and a strong and solid financial control, Vera&John is an obvious choice in realising the goals of the group. Ultimately we believe that the synergy between the two groups will enable Vera&John to move faster and stronger towards becoming the preferred online casino to players around the world.”

Vera&John has in the last week expanded its content portfolio by signing deals with Leander and Quickspin, and the company is keen to emphasise that it will retain its individuality and that its customers will only benefit from the takeover.

“Vera&John will continue to maintain independence in operational terms, however both parties are very excited about the opportunities the acquisition brings, to both deepen positions within existing markets as well as provide further access to new geographic markets," Lund said.

“Vera&John has, since inception, worked with a customer-centric approach, empowering players to experience a more fun, rewarding and caring experience. Vera&John will continue on this path and believe that with the acquisition, existing players will benefit from further acceleration in innovative solutions and functions, all contributing to a greater, more fulfilling and more personal experience.

“The deal will also see to the faster expansion into new markets, offering more casino players around the world the opportunity to enjoy the market-leading online casino experience provided by Vera&John.”

The takeover will require an initial payment of €44.5m ($55.7m) in cash and approximately 5.0 million common shares of Intertain. Intertain may be required to make a further cash payment in the event Vera&John generates earnings before interest, taxes, depreciation and amortisation over certain thresholds in 2015 and 2016. The cumulative earn out payment over 2015 and 2016 is subject to a cap of €8.1m.

The move comes just days after Intertain was forced to make a statement to the Toronto stock exchange after its share price tumbled due to the announcement of an investigation into trading activity concerning Amaya Group, its largest shareholder. 

Intertain, which was the subject of takeover speculation just last month, saw its share price fall by 25 per cent on Friday after the Royal Canadian Mounted Police and Autorité des Marchés Financiers raided Amaya’s Montreal offices in connection with an investigation into the takeover of Rational Group and PokerStars earlier this year.

In the statement, Intertain said that “it is not aware of any connections to Intertain of the investigation, and it has not been contacted by any security regulatory or law enforcement authority”.

Canadian investment bank Canaccord Genuity, which has acted as exclusive financial advisor for Intertain with respect to the Vera&John acquisition, was also visited by authorities in connection with the same investigation.

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