Multimillion profit to Pääkkönen, Selin, and Pyysing? What's behind the iGame deal?
On Sunday, we reported on a major gaming acquisition in which Swedish listed company Unibet acquired iGaming Group gaming company. We made a short news article about this, but due to great interest, we decided to open this acquisition a little more now.
The divested company iGame Holdings includes many different subsidiaries. In the spring of 2014, iGame merged with Plus One Dreams and the new company was renamed iGame. Plus One Dreams is a gambling company founded in 2005, in which at least the already mentioned Jasper Pääkkönen, Markus Selin and Mikko Hirvonen, who also served as the Chairman of the Board of the Finnish Poker Players Association, are shareholders. Plus One Dreams’ products include e.g. Slots with more than 300,000 registered Finnish players.
As Pyysing states in an article in Helsingin Sanomat, he has been a small owner of iGame Group, which has merged with many companies over the years. Pyysing did not want to specify the acquisition in more detail.
The holdings of Finnish celebrities and other iGame Group shareholders are not publicly known, and hardly any of the owners want to comment on these holdings in more detail. As a result, we unfortunately cannot say how much Pääkkönen, Selin and others may net in this transaction.
The buying party Unibet states in its published bulletin that in addition to the purchase amount of EUR 59 million, the purchase agreement includes an additional amount. This additional amount will be paid 6.2 times and will be determined by iGame’s result by the end of June 2016, with a maximum additional amount of EUR 20 million.
According to its press release, Unibet sees a lot of potential in this transaction from the expertise of iGame’s local markets, combined with Unibet’s larger and multi-channel product expertise.
iGame currently employs around 130 people, most of whom work in Malta. Unibet, on the other hand, operates in more than 100 countries and employs more than 650 people.