Playtech Finalizes Deal for the Acquire of Swedish Slots Game Delevoper, Quickspin to the Tune of €50 Million
Playtech revealed last week that their first 53 days of this new year has seen growths that surpassed expectations on many levels. Since the levels of growth were achieved, Playtech has decided to pay the maximum of six times what Quickspin has earned before depreciation, tax, interest and amortization to acquire the gaming supplier. Under the new agreement deal the purchase price will be capped at a max of $55.9 million.
Playtech will give 24 million as the initial payment. This amounts to 100% of Quickspin’s shares on a debt-free and cash-free basis. The other remaining 26 million will be payable for Quickspin’s EBITDA for 2017 and 2018 on a ‘earn-out’ basis.
Quickspin is headquartered in Stockholm. They offer a gaming portfolio of more than 20 games including video slots for the social gaming and online gambling market. They generated more than 2 million in EBITDA just last year with revenue profits amounting to 6 million.
Playtech plans on distributing Quickspin’s video slots through its existing channels across all verticals. Playtech’s Chief Executive released a statement saying-
“Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech’s position as the leading platform and content provider in the industry. We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family.”