Gambling.com Group expanded its media portfolio in North America after entering into a binding agreement to acquire NDC Mediathe editor of BonusFinder.comfor $69 million.
Under the terms of the transaction, Gambling.com will pay an initial purchase price of $13.92 million, of which $11.14 million will be paid out as a cash reward, with the remaining $2.86 million to be paid. be paid to NDC in newly issued Gambling.com common stock. .
NDC’s buyout offer has been further sweetened by Gambling.com by applying financial performance-based compensation incentives for 2022 and 2023.
The Group forecasts that the total consideration, including the purchase price paid at closing and the two earn-out payments, should be approximately $47 million – a figure which implies a multiple of less than 3 .5 times the turnover forecast for 2023.
Gambling.com has capped its acquisition offer at $69 million, depending on the outcome of the earn-out incentives, in which the buyer has the option to “pay up to 50% of each earn-out payment price in unregistered common stock at its sole discretion”.
The acquisition was formally closed on January 31 and was consolidated in Gambling.com’s accounts from February 1.
CEO of Gambling.com, Charles Gillespiesaid, “We believe the combination of these two complementary businesses is immediately accretive to our fiscal 2022 results and lays the foundation for a leadership position in North America that will drive value creation for our shareholders.
The acquisition of BonusFinder gives Gambling.com additional scale in the North American online gambling market. BonusFinder’s strong Canadian presence is expected to boost the group’s market share ahead of the April launch of online sports betting in Ontario and the launch of the gambling market.
Amsterdam-based NDC launched its flagship portal BonusFinder.com in 2019, offering a bonus and sportsbook comparison service to customers in newly liberalized US states.
NDC is founded by longtime industry affiliate and former head of Google igaming industry Fintan Costello, who commented on the agreement: “These organizations complement each other well as partners in the North American market. Gambling.com has demonstrated its leadership position in the online sports betting and gambling industry, and its proprietary technologies and experience will provide BonusFinder with the tools to maximize growth in this exciting new era of North American regulation. American.