Mr Green has paid up to €8.5 million to buy Evoke Gaming, including igaming sites Redbet, Vinnarum casino, Bertil and MamaMia.
The acquisition – worth €7m in cash with a further €1.5m due if certain conditions are met – is not expected to have any impact on Mr Green’s EBITDA for 2018, but will have a marginally negative impact on cash flow.
The price is calculated on a debt free, enterprise value basis and all shares in Evoke will be bought from Bonnier Growth Media.
Evoke Gaming currently has 82 employees, all of whom are based in Malta and following the relaunch of Redbet and Vinnarum earlier in 2017, they have contributed to sites achieving favourable growth.
“Evoke Gaming is an ideal fit for our business plan and strategy,” said Per Norman, CEO of Mr Green & Co.
“We are pursuing our strategy of nurturing a small number of strong brands that can work globally. With Redbet and Mr Green, we have two immensely strong brands addressing different segments and we see major potential to expand Redbet into our existing markets.”
“Evoke Gaming is on the threshold of a significant turnaround. Mr Green will give us the muscles to continue growing internationally in an effective manner,” said Fredrik Staël von Holstein, CEO of Evoke Gaming.
Von Holstein will remain as head of Evoke Gaming’s operations after the transaction has been completed and will become a member of Mr Green Ltd’s management team in Malta.
