Lifland Gaming on 8 May 2017 announced that it entered into a contract concerning the acquisition of UAB Baltic Bet, a gaming company licensed in Lithuania.
Lifland Gaming, after having completed the due diligence process, completed the transaction, paid the full purchase sum and has assumed ownership of UAB Baltic Bet as of 12 September 2017.
The acquisition was made for a purchase sum of EUR 1,150,000 on a tax-free basis, without the means for the sellers to obtain any further remuneration, and was done with the aim of expanding Lifland Gaming business activities to cover all three regulated gaming markets in the Baltic States. Lifland Gaming has previously operated in Estonia and Latvia. The acquisition gives Lifland Gaming, in addition to a licensed gaming operator in Lithuania, access to attractive customer databases and to a trademark portfolio.
One licence requirement in Lithuania is for online gaming operators also to run a land-based operation. Upon today’s acquisition, Baltic Bet’s chain of licensed betting offices within Lifland Gaming that since previously has run a similar chain of licensed betting offices within Latvia, the total number of betting offices run by Lifland Gaming amounts to thirty-one after the acquisition. The licensed betting offices form an important addition to the online gaming operation and will be operated under the same name – Optibet.
UAB Baltic Bet’s online gaming operation was shut down as part of an agreement between the parties, when the purchase contract was entered into in May 2017. It is the assessment of Lifland Gaming that NAB during the quarter of 2018 will introduce internet games under the Optibet trademark on the Lithuanian market.
The number of employees at Lifland Gaming increases upon the implementation of this transaction to forty-one people.
The total earnings outcome from the transaction is expected within the group to be neutral in 2017 and yield a positive outcome from 2018.
The legal consultant in this transaction has been the Motieka & Audzevicius law firm from Vilnius.