25th May 2018 12:29
LONDON (Alliance News) - Veltyco Group PLC on Friday said it agreed to buy Marsovia Holding Ltd from Altair Entertainment NV for EUR4.0 million.
The total consideration will be offset against the existing indebtedness of EUR2.6 million owed by Altair and certain trade receivables of EUR1.4 million, resulting in the acquisition being cash neutral for Veltyco.
The gaming industry marketing company said Marsovia holds database for customers of various brands which are active in the online trading sector.
Veltyco believes that the acquisition will allow it to expand through the launch of a regulated brand in the online trading sector, which is expected in the second half of 2018.
"We believe that the acquisition will provide further opportunities for growth and is an important step in the continued development and expansion of our own brands," said Veltyco Chairman Gilles Ohana.
In addition, Veltico said it had a positive start to 2018 with the first quarter in line with market expectations.
"Trading conditions remain positive for Veltyco and we are very much looking forward to the start of the World Cup on June 14 whereupon we hope to benefit from the uptake in gaming activities," Ohana added.
Shares in Veltyco were trading 2.9% higher at 76.65 pence each on Friday.
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