Unibet Acquires Stan James Online For £19 Million
One for the largest gaming groups UNIBET have announced an agreement that will see them acquire the online gambling division of Stan James Group for £19 million. In terms of the agreement UNIBET will acquire the full rights and ownership of the online Stan James Brand except for theStan James UK retail business.
Stan James have generated revenues of £10.5 million in the five month period to May 31 this year and posted £1.4 million EBITDA after paying the UK point-of-consumption tax.
CEO of Unibet Henrik Tjarnstrom commented on the deal,” We have long been looking at strengthening our position in the UK online market. Stan James as an operator is one of the most well-respected in the UK market with particular strengths in horse-racing and other British sports. Stan James has had a long presence in the British market where there are few companies of this size available for acquisition. Since Unibet has only recently targeted the UK market there is little overlap between our respective businesses. Over time we see a significant potential to increase the breadth of the Stan James product range, such as live streaming, casino and improving the mobile offering,”
CEO of Stan James, Denis Kelly gave their side of the deal and said,” There is a substantial market opportunity in the UK following the re-regulation. Through the combination of Unibet’s expertise in marketing and financial strength, together with Stan James’ high quality sports and racing betting offering aimed at the UK market, I am confident that we can increase substantially the combined Group’s market share in the UK. I would also like to take this opportunity to thank the shareholders of Stan James for their strong support of the business.” The deal is expected to be completed towards the end of the third quarter this year subject to regulatory approval.