GVC acquires majority share in Georgian operator Crystalbet
News on 5 Mar 2018
News on 5 Mar 2018
GVC Holdings PLC has acquired a 51 percent share in Mars LLC – owner of prominent Georgian-facing online gambling operator CrystalBet – for a Euro 41.3 million consideration.
The terms of the agreement make provision for GVCs acquisition of the remaining 49 percent of Mars LLC in 2021, subject to specific buyer protections, and at a valuation at the lower of 7 times the 2020 clean EBITDA or Euro 150 million.
Crystalbet, launched in 2011, offers a complete online gaming offer which includes sports betting, casino games, poker and peer-to-peer games throughout the regulated market of the Republic of Georgia.
GVC Holdings said it believes the operator to be the leading online sportsbetting and second-largest online gaming brand overall in the Republic of Georgia, whose growth has been driven by an entrepreneurial management team and a highly successful marketing strategy.
GVC aims to further enhance Crystalbet’s profitability and position in the Georgian online gaming market by leveraging the wider Group’s extensive portfolio of games content (including poker), CRM, digital marketing capabilities and purchasing power.
Kenneth Alexander, chief executive officer of GVC Holdings, said: “We are delighted to welcome Crystalbet to the GVC Group, having been impressed with what the management team has achieved thus far.
This acquisition is in line with our stated strategy of being a truly global player, with a focus on regulated/regulating markets.”
“I’m proud of all that has been achieved at Crystalbet and believe that in GVC we have found an owner that will both respect the key elements that have made the business so successful and at the same time has the skills and knowledge to take the company to the next level, added Levan Akhvlediani, Chairman of Crystalbet.
The operational management team at Crystalbet, led by CEO Koba Giglemiani, will remain and retain their full equity shareholdings in Crystalbet following this initial acquisition.
