Online casino operator the LeoVegas Group have entered into a deal with Genting, which will see them offload Authentic Gaming for a consideration of €15m, which will net LeoVegas a return of more than 100% in just over three years.
Authentic Gaming has developed into a profitable company with a prominent position in its niche in the live casino market. Genting, with over 50,000 employees, is one of the world’s largest groups in land-based casino with a rapidly growing digital business arm. Authentic Gaming is one of three holdings included in LeoVentures, the LeoVegas Group’s investment company for innovative gaming-related businesses.
Jonas Delin, CEO and founder of Authentic Gaming, commenting on the news, said: “We have now laid the foundation for Authentic Gaming to take its next big step in live casino.”
“I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team.”
“At the same time I want to thank LeoVegas for their tremendous support since the start and for the platform that LeoVentures has created for us to take us to where we are today.”
Jeremy Taylor who is the Managing Director of Genting Online, said of the acquisition of Authentic Gaming: “Our global presence in land-based casino gives us a platform to grow online at a fast pace.”
“Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device. With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realise that vision.”
Whilst Gustaf Hagman, the Chief Executive Officer of LeoVegas Mobile Gaming Group, said: “This is a milestone for LeoVegas. The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level. “
“The deal shows our innovative strength in the Group and our ability to develop and build sustainable companies. We have thereby created shareholder value with a more than a 100% return on our investment in Authentic Gaming.”