Last Updated on Wednesday, 30 October, 2019 at 9:53 am by Christian Keszthelyi
Under a recently-signed agreement, LeoVegas will sell Authentic Gaming to Genting for a fee of €15m on a debt-free basis, representing a return of more than 100% during a slightly more than a three-year period, according to a press statement issued by LeoVegas.
“We have now laid the foundation for Authentic Gaming to take its next big step in a live casino,” says Jonas Delin, CEO and founder of Authentic Gaming. “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. At the same time, I want to thank LeoVegas for their tremendous support since the start and for the platform that LeoVentures has created for us to take us to where we are today,” he added.
Authentic Gaming’s niche market in live casinos. Genting, with over 50,000 employees, is one of the world’s largest groups in the land-based casino business with a rapidly growing digital business arm. Authentic Gaming is one of three holdings included in LeoVentures, the LeoVegas Group’s investment company for innovative gaming-related businesses.
“Our global presence in land-based casino gives us 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,” said Jeremy Taylor, Managing Director of Genting Online.
“This is 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. The deal shows our innovative strength in the Group and our ability to develop and build sustainable companies. We have thereby created shareholder value with a more than a 100% return on our investment in Authentic Gaming,” said Gustaf Hagman, Group CEO at LeoVegas Mobile Gaming Group.