Friday, July 22, 2016

Quickspin to be Acquired by PlaytechNO Deposit bonus $43

playtechPlaytech has brokered a deal to obtain Swedish games studio Quickspin. Under the agreement, which comes after Playtech last week revealed that it was capable of achieve expected growth levels within the first 53 days of the year, the corporate pays a maximum consideration of six times Quickspin’s earnings before interest, tax, depreciation and amortisation (EBITDA), subject to a cap of €50 million ($55.9 million).

This will comprise an initial payment of €24 million for 100% of the shares of Quickspin on a cash-free and debt-free basis, while the rest maximum consideration of €26 million might be payable on an earn-out basis by connection with Quickspin’s EBITDA in 2017 and 2018. Headquartered within the Swedish capital of Stockholm, Quickspin has a portfolio of over 20 games and develops video slot games for both the web real-money and social gaming markets.

Quickspin generated €2.1 million in EBITDA for the year ended December 31, 2016, while revenue came in at €6 million. Playtech said the purchase will provide it with a “proven virtual slot machine games portfolio”, with plans in place to distribute Quickspin’s content through its existing distribution channels across all verticals.

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