Spiffbet explains the terms of the acquisition of Manisol Gaming
Manisol Gaming can choose between a cash withdrawal or stake selection as Spiffbet finalizes the progress of the acquisition.
Manisol Gaming ready to switch hands to Spiffbet
Spiffbet will take over Manisol Gaming, the Maltese casino operator. To complete the transaction, Spiffbet will pay SEK 20 million, which Manisol can request within two months, either in cash or in the form of 50 million newly issued Spiffbet shares after the acquisition of Sir Jackpot and Live Lounge.
As part of the acquisition, Spiffbet will also take over liabilities of SEK 10 million. The companies negotiated an additional payment that would depend on the growth targets achieved by December 31, 2022.
If Manisol Gaming meets the brand's KPIs, Spiffbet will pay a further SEK 6 million which can be exchanged for both cash and shares. Both companies are in the process of carrying out due diligence to finalize this process. It is expected to end by the end of the month.
Spiffbet is in the process of conducting a private placement to raise the necessary capital and complete the transaction. As a result of the acquisition, Spiffbet will have access to key Manisol Gaming brands. They include Scandibet and TurboVegas, consolidating the company's footprint.
Increasing synergies and complementing strengths
Spiffbet believes the recent acquisition is giving the company a new lease of life as it reaches a "critical mass". He believes that Spiffbet CEO Henrik Svensson is enough to make the company a player to be reckoned with at iGaming.
Svensson believes that by sourcing key partners, Spiffbet can improve its own operations by pooling expertise and increasing synergies. Manisol's majority owner, Johan Styren, becomes strategic advisor to Spiffbet in charge of casino operations.
Commenting on the opportunity, Styrene explained that Manisol and Spiffbet share many similarities and a shared commitment to building a strong product. In order to grow, companies would most likely want to use their strengths.
Styrene is convinced that the latest alliance will allow companies to accelerate their development not only in the Scandinavian markets, but also in other parts of Europe. Meanwhile, Spiffbet recently extended its contract to Fast Track.
Likewise, the company also joined the Pariplay Aspire Global network. As Spiffbet gains momentum, the Manisol Gaming acquisition is unlikely to be the latter.