Better Collective strikes €30m deal for Swedish iGaming affiliate

Better Collective strikes €30m deal for Swedish iGaming affiliate

Friday, December 21, 2018 Posted by News Team
Deal
Ribacka Group is to be rebranded as Better Collective Sweden

Better Collective has finalised the €30m acquisition of Swedish iGaming affiliate Ribacka Group ahead of the country’s iGaming market opening on January 1, 2019. 

The deal sees Better Collective take charge of a business that runs a number of online casino and sports betting portals in Sweden, including the Speltips site. Founded in 2012 by brothers Jesper and Jens Ribacka, it is expected to generate revenue of more than €6m for 2018, with EBITDA likely to be north of €5m. 

Better Collective is to pay an initial cash consideration of €15m for the business, with a further €6m to be paid, either in cash or in ordinary shares, in May 2019. A final payment of up to €9m, based on Ribacka’s performance, will then be due in 2020.

“On behalf of myself and my co-founder of Ribacka Group, I am happy to announce our acquisition by Better Collective,” the company’s CEO Jesper Ribacka said. “Since 2012, we have worked very hard to build strong brands in the Swedish market and, most importantly, a strong team to help us become a success.”

Following the acquisition, Stockholm-based Ribacka will be rebranded as Better Collective Sweden, and tasked with carving out market share in the country’s re-regulated iGaming market.

“We consider Sweden to be one of the most interesting markets for online sports betting in Europe, as we believe a change in market dynamics will expand an already growing market,” Better Collective CEO Jesper Søgaard said. “With the combination of market growth, the successful operation run by Ribacka, and the addition of new talent and visible synergies, we are confident that this acquisition is a strong move for us in Sweden.”

 
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