Genting Group to Acquire Authentic Gaming from LeoVegas for €15m

  • Acquisition to close by the end of October
  • Offload of Authentic Gaming providing return on investment of over 100% for LeoVegas
  • Genting Group will use the live gaming vertical to strengthen its digital sector
magnifying glass over jigsaw puzzle focusing on the word 'acquisition'
LeoVegas has offloaded its live gaming subsidiary, Authentic Gaming, to Genting Group. [Image: Shutterstock.com]

Healthy return on investment

Genting Group is set to acquire Authentic Gaming, the live gaming vertical of LeoVegas, in a deal worth €15m ($16.6m), according to a market filing.

represents a return on investment of more than 100% for the Stockholm-listed company

LeoVegas has confirmed the details of the transaction, stating it will be on a debt-free basis. The offload of Authentic Gaming represents a return on investment of more than 100% for the Stockholm-listed company over a period that has spanned almost three years.

Authentic Gaming in good hands

The Authentic Gaming investment made by LeoVegas was completed by the enterprise’s investment unit LeoVentures. The group specializes in strategic funding of new online gaming verticals. With the investment, LeoVegas was able to increase its overall corporate value.

According to LeoVegas Mobile Gaming Group CEO Gustaf Hagman, the sale of Authentic Gaming represents a milestone for LeoVegas. The time was right to sell to Genting, who Hagman deems ‘the perfect buyer to take Authentic Gaming to the next level’.

Hagman went on to state that the deal shows the ability of LeoVegas to develop and build sustainable companies.

The massive return on investment of the enterprise created solid shareholder value as Authentic Gaming operates in the live casino segment, offering a product portfolio that includes real-time streaming from land-based casinos.

Players have access to games from a real casino environment. The acquisition of the company by Genting should close by the end of October 2019.

Taking over assets

Genting now takes over the assets of Authentic Gaming. The company is working on strategizing their digital sector, with emphasis placed on the importance of the live gaming vertical.

the company’s global presence in land-based casino gives them a platform to grow online at a quick pace

Jeremy Taylor, managing director of Genting Online, commented on the pending acquisition by stating that the company’s global presence in land-based casino gives them a platform to grow online at a quick pace.

The vision of the company is to give customers an amazing gaming experience from all their casino properties based around the world, 24/7 via any device.

Taylor said: “With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realize that vision.”