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Tipp24 SE Acquires Stake in Roboreus Limited

Friday, 21 Dec 2012 07:41am EST 

Tipp24 SE announced that as part of its international expansion strategy, the Company has acquired a stake in the United Kingdom company Roboreus Limited. Roboreus operates the geo-based lottery game GeoSweep via its United Kingdom subsidiary GeoSweep Limited. Operating under a United Kingdom Gambling Commission licence, the product range of GeoSweep is available over the entire geographical area of Great Britain. The lottery is also offered in parts of Canada via a cooperation agreement. In the course of the transaction, Tipp24 SE will subscribe to new shares to be issued by Roboreus Limited for a cash contribution of GBP 10 million (approximately EUR 12.4 million). In addition, Tipp24 SE will acquire shares from Roboreus shareholders, resulting in a total shareholding in Roboreus of 25.7%. After a period of three years, an additional maximum earn out of GBP 1.9 million (EUR 2.3 million) can be achieved, based on the financial performance of GeoSweep. 

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