Swedish gaming corporation Leo Vegas, announced that they entered a definitive agreement to acquire Royal Panda Online Casino – a Malta based company.
The negotiation is being made for a buying price of €60 million with a possible earn-out of €60 mil incentives, Leo Vegas Group has obtained debt financing of €100 million, of which €40 million constitutes a revolving credit facility.
Gustaf Hagman CEO of Leo Vegas detailed that “Royal Panda would act as a further ‘multi-market brand for the company’s growing market portfolio”
About Leo Vegas: in just 5 years this company has gone from a completely unknown brand with no solid traffic, to one of the best online casinos, and market leader on mobile casino.
In a declaration referring to the acquisition, Gustaf Hagman Leo Vegas Group CEO commented “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”
LeoVegas expects the Royal Panda acquisition operation to be finalised by December 2017.