Regulatory Release 17/2018
Better Collective has completed the acquisition of all shares in Ribacka Group AB, incorporated in Sweden. Ribacka group expects to generate a revenue of >6 million EUR in 2018, with operating earnings (EBITA) of >5 million EUR. The purchase price has been agreed to amount up to 30 million EUR, of which 15 million EUR will be paid in cash at closing, 6 million EUR will be paid in May 2019 in either cash or ordinary shares in Better Collective, and the remaining 9 million EUR will be paid in 2020 pending certain agreed performance criteria.
Better Collective, the world's leading developer of digital platforms for bookmaker information, iGaming communities, and betting tips, has today completed the acquisition of all shares in Ribacka Group AB, which owns a strong network of leading Swedish sports betting and casino marketing platforms, including www.speltips.se. Ribacka Group is incorporated and headquartered in Sweden.
Better Collective establish strong affiliate position within sports betting in Sweden
Ribacka Group was founded in 2012 and expects to generate a revenue of >6 million EUR in 2018, with operating earnings (EBITA) of >5 million EUR. The purchase price has been agreed to amount up to 30 million EUR, of which 15 million EUR will be paid in cash at closing, 6 million EUR will be paid in May 2019 in either cash or ordinary shares in Better Collective, and the remaining 9 million EUR will be paid in 2020 pending certain agreed performance criteria. Better Collective will consolidate the acquired company into the Group accounts as from January 1, 2019.
Ribacka Group will stay headquartered in Stockholm under the name Better Collective Sweden. The two former owners of Ribacka Group, Jesper Ribacka and Jens Ribacka, will continue as local CEO and board member, respectively, in Better Collective Sweden. They will work closely together with the Better Collective headquarters in Denmark, to ensure continuity and that the strengths of both organisations are utilized in the best possible way.
New market regulation comes into effect in Sweden beginning of 2019
Earlier this year, the Swedish government approved a new market regulation taking effect from January 1, 2019, by which the current monopoly system will end. Recently, the Swedish gambling authority announced the first licenses granted to a number of major international operators, including current partners of Better Collective. Most of the new licensees are well acquainted with the Swedish market, having operated in the sector prior to re-regulation. During the first three quarters of 2018, sports betting in Sweden grew 13.6% compared to last year. In 2019, online sports betting is expected to amount to 3.3 billion SEK, with a continued growth rate higher than the total gambling market.
Jesper Søgaard, CEO of Better Collective:
"We are truly excited about expanding our position in the Swedish market ahead of the coming regulation. With a strong network of brands in the Swedish market, including speltips.se, Ribacka Group is a great fit for Better Collective. 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. 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."
Jesper Ribacka, Founder and CEO of Ribacka Group:
"On behalf of myself and my co-founder of Ribacka Group, I am happy to announce our acquisition by Better Collective. 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. I trust this new setup will bring us even further, aligning with the core values of transparency and user empowerment that are found at Better Collective."
Contacts
CEO: Jesper Søgaard
CFO: Flemming Pedersen
Investor Relations: Christina Bastius Thomsen +45 2363 8844
e-mail: investor@bettercollective.com
This information is such information as Better Collective A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10:50 a.m. CET on December 21, 2018.
About Better Collective
Better Collective'svision is to empower iGamers through transparency and technology - this is what has made them the world's leading developer of digital platforms for betting tips, bookmaker information and iGaming communities. Better Collective's portfolio includes more than 2,000+ websites and products. This includes bettingexpert.com, the trusted home of tips from expert tipsters and in depth betting theory, and SmartBets, the odds comparison platform made personal.
Attachment
- BC regulatory release no. 17_2018_Acquisition_21-12-2018 (https://ml-eu.globenewswire.com/Resource/Download/83af38eb-ccf5-4225-bd66-baa71eb96c93)
