Issuing a short statement, Stockholm-listed operator Unibet Plc has confirmed that it has paid out an initial €7.5 million (£5.9 million) to the former owners of iGame Group Ltd in accordance with its agreed August 2015 corporate acquisition terms.
The €7.5 million earn-out relates to ‘first-stage’ performance benchmarks attached to Unibet’s €59 million buyout of iGame assets (acquisition completed in September 2015).
Updating investors, Unibet governance disclosed that iGame Group had managed to meet its initial performance targets set for the financial year ending 31 December 2015.
The remaining iGame earn-out payment set up to a maximum of €12.5 million will be assessed by 30 September 2016, based on the results of the acquired company and its asset up to 30 June 2016
Unibet governance informed that it had audited a sum of €20 million relating to iGame costs in its 2015 financial statements, detailing that the one-off payment will have no impact Unibet 2016 earnings.
Source: SBC News
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