The LeoVegas Group has announced that they have agreed to sell its subsidiary Authentic Gaming to the Genting Group. According to the agreement, the Malaysia-based company will acquire the live casino solutions provider for €15 million. Stay with us to learn more about the deal.
A Profitable Company with a Prominent Position
Authentic Gaming is one of three holdings included in LeoVentures, the LeoVegas Group’s investment company specialised in innovative gaming-related businesses. Founded in 2015, the company has grown into a profitable company that has a prominent position in the live casino market. Being a Live Roulette specialist, Authentic Gaming offers games such as Auto Roulette, Blaze Live Roulette and Lucky Ball Roulette.
Its acquisition by Genting is set on a debt-free basis. The agreed price of €15 million represents a return of more than 100% during a slightly more than three years, LeoVegas has stated in their press release. Gustaf Hagman, Group CEO, LeoVegas Mobile Gaming Group commented that the deal was a milestone for LeoVegas.
“The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level,” said Hagman adding that the deal showed the Group’s ability to develop and build sustainable companies.
Genting, an investment holding and management company founded in 1965 in Malaysia, today has over 50,000 employees. It is one of the world’s largest groups in the land-based casino industry. They also have a rapidly growing digital business division.
Jeremy Taylor, Managing Director of Genting Online, commented that their global presence in the land-based casino industry gave them a platform to grow online at a fast pace.
“Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device. With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realise that vision,” added Taylor.
CEO and founder of Authentic Gaming Jonas Delin said that they had laid the foundation for Authentic Gaming to take its next big step in a live casino.
“I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team,” added Delin thanking LeoVegas for their tremendous support since the start.