Fortuna continues Romanian expansion with €47 million deal for Fortbet assetsby Joker 17.03.2017 0 comments
Fortuna Entertainment continues its M&A expansion within the licensed Romanian gambling market. The Eastern European bookmaker confirmed this week that it was closing in on the acquisition of Fortbet Holdings gambling assets.
Updating the market, Fortuna detailed that it was in the final stages of negotiations for the Fortbet properties of Bet Active Concept SRL, Bet Zone SRL, Public Slots SRL and Slot Arena SR.
Fortuna has put forward a combined deal of €47 million for the assets, offering Fortbet governance €32 million in cash with €15 million in added performance incentives. Furthermore, as goodwill, Fortuna governance has also promised to refinance around €3m of Fortbet’s loans.
Fortbet is a subsidiary of Penta Investments Group, Fortuna’s current majority shareholder. Fortuna has a working relationship with Fortbet as Bet Active Concept and Bet Zone currently operate its ‘Fortuna brand’ a licensing arrangement.
Furthering its M&A portfolio within Romania, Fortuna governance detailed that acquisitions would help it become the outright market leader for the region in betting and lottery services.
This month Fortuna secured Romanian leading land-based bookmaker Casa Pariurilor by acquiring gambling group Hattrick Sports for €135 million.
Entering 2017, Fortuna governance has detailed the importance of growing its assets away from the it core market of Czech Rep and Slovakia, having faced a turbulent 2016 due to increased levy on sports betting.