MTG, the largest Free-to-air and Pay-TV operator in Scandinavia and the Baltics, has signed an option agreement to acquire a further 39% of Nordic Betting Limited, the company that operates Bet24, for a cash consideration of EUR 8 million.
The deal, which is expected to be finalized during the first quarter of 2006, will bring MTG’s stake in the online betting company up to 90%.
Bet24 reported a more than doubled revenue up to SEK 162 million for the nine months ended September 30. The online betting company also reported a more than tripled gross profits from betting and gaming activities up to SEK 39 million, and a SEK 7 million operating profit for the nine month period.
“Bet24 is the fastest growing company in MTG\’s history and is operating in a dynamically changing market place. There are clear synergies and cross promotional opportunities between our sports channels and programming and Bet24\’s activities, so we will continue to invest in this area in order to increase Bet24\’s market share, enhance its product offering and extend its range of services. The company has a strong and entrepreneurial management team, and we look forward to continuing the rapid and successful development of this exciting business,” said Hans-Holger Albrecht, President and CEO of MTG.
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