November 25, 2016 / 12:36 PM / 2 years ago

BRIEF-ahaWorld signs LoI for acquisition of South American sports betting business

Nov 25 (Reuters) - ahaWorld AB :

* Has signed Letter of Intent (LoI) for acquisition of sports betting company with focus on South America

* Says will in first acquisition phase own 51 pct of entity with option to complete transaction within 24 months in two stages

* First acquisition phase will be financed via new share issue in ahaWorld of 4.3 million shares

* New share issue will result in dilution of 25.5 pct

* Remaining stages will be financed either via issue of new shares or in cash, to be decided by ahaWorld

* Valuation at each acquisition stage will be made at time of option being exercised, and will correspond to multiple of 6 times EBIT in seller’s business

* During past 12 months South American operations, as specified by seller, had net sales of about 2.4 million euros (about 23.5 million Swedish crowns) and generated EBIT of about 1.15 million euros (about 11 million crowns)

* Prepares launch of sports betting business in several South American markets

* Parties aim to complete acquisition by end of Q1 2017

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Gdynia Newsroom

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