LeoVegas acquisition of Royal Panda

LeoVegas to acquire operator of prestigious Royal Panda brand

Swedish online casino operator LeoVegas International Ltd has entered into an agreement to acquire all the shares in Maltese-owned company Web Investments Limited, a group holding the strong Royal Panda trademark.

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LeoVegas shall pay €60m upfront for the acquisition, with an additional €60m earn-out incentive should Royal Panda reach the target of €50m NGR (Net Gaming Revenue) and an EBITDA of at least €15m within 12 months. Another one of the milestones is a €34m of NGR and an EBITDA of €15m derived from the UK alone, which is Royal Panda’s primary market.

Launched in 2014, Royal Panda has secured a very strong position in the market in a relatively short time. Its revenue has grown dramatically by 61% during the third quarter of 2017 to a total of €9.8m, with the UK market accounting for nearly 50% of its business.

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This strong appeal of the Royal Panda brand is expected to strengthen LeoVegas’ position in regulated markets, especially in the UK. The company has a platform focused on online casino, but recently launched a sportsbook powered by the online betting software company BetConstruct.

For the purposes of the deal, LeoVegas has obtained a debt financing of €100 m, out of which €40m consists of a Revolving Credit Facility. The deal is expected to be concluded by December 2017. No immediate changes to accounts and services are expected for existing customers of both LeoVegas and Royal Panda.