- GVC Holdings said it had agreed to initially acquire 51% of Crystalbet for €41.3m, with a commitment to acquire the remaining 49% in 2021 at a valuation at the lower of seven times the target's 2020 operating earnings, or €150m.

Crystalbet is an online gaming operator in Georgia. For the financial year ended 31 December 2017, Crystalbet revenues were GEL102.9m (€34m1), with EBITDA of GEL36.5m (€12.0m) and a profit after tax of GEL30.8m (€10.2m). As at 31 December 2017 Crystalbet had gross assets of GEL24.9m (€8.2m), predominantly consisting of cash.

GVC said the operational management team at Crystalbet, led by CEO Koba Giglemiani, will all remain with Crystalbet and retain their full equity shareholdings in Crystalbet following the initial acquisition.

Kenneth Alexander (CEO) said: 'We are delighted to welcome Crystalbet to the GVC Group, having been impressed with what the management team has achieved thus far. Through access to GVC's content, technology and digital marketing skills, we believe Crystalbet can become a clear leader in the regulated Georgian market. This acquisition is in line with our stated strategy of being a truly global player, with a focus on regulated/regulating markets.'

Koba Giglemiani (CEO of Crystalbet) said: 'When we were looking for a strategic acquirer to take Crystalbet to the next level, GVC was very much our first choice. GVC's experience and track record in many different geographic markets, together with its technology and marketing skills are key attractions for Crystalbet. We very much look forward to being part of GVC Holdings.'

Story provided by