TORONTO–(BUSINESS WIRE)–Global B2B gaming technology and content provider Bragg Gaming Group (TSX:BRAG, OTC:BRGGD) (“Bragg” or the “Company“) has entered into a definitive agreement to acquire Spin Games LLC (“Spin”), a Reno, Nevada based B2B gaming technology and content provider currently servicing the US market (the “Transaction”), subject to regulatory approval.
Bragg and Spin today announced they have entered into a merger agreement, under which Bragg has agreed to acquire Spin in a cash and stock transaction for a purchase price of approximately USD30 million. Under the deal the sellers of Spin will receive USD10 million in cash and USD20 million in common shares of Bragg of which USD5 million in common shares will be issued on closing and the balance over the next three years. The Transaction will close following final approval from state gaming regulators and satisfaction of other customary closing conditions.
The Transaction offers a compelling strategic and financial rationale and is consistent with Bragg’s previously announced strategy to diversify its revenue from European markets and grow its US operations to capitalize on the growing US and Canadian online casino markets. The Transaction serves to immediately establish Bragg’s US operating footprint setting the foundation for the Company’s growth strategy in the region.
Spin, through its team of 30+ professionals will provide Bragg with immediate technical, product, regulatory…