The expanding Swedish operator has bought 66.5 per cent of the Maltese igaming start-up.
Sweden.- Latvia-facing igaming operator Enlabs has snapped up a 66.5 per cent stake in Malta-based start-up Shogun Group for €664,000.
Enlabs has acquired the stake from a consortium of investors as it looks to expand outside of its core Latvian market. It will invest €1m in the young igaming business as part of the deal.
Shogun’s founders will keep the remaining 33.5 per cent of the company for now. Enlabs will have the opportunity to acquire the rest of the business in January 2023, for an outlay of five times Shogun’s net profit.
Shogun will migrate to Enlabs’ proprietary technology from its current third-party platform and will integrate Enlabs’ BetX sportsbook.
Company co-founder, Eric Holmberg, said: “The collaboration with Enlabs and the fact that we are now part of Enlabs’ organisation ensures we can accelerate our business growth and in addition to this we see scope for new opportunities via Enlabs.
“This is a big step for us and we confidently look to the future for Shogun.”
The acquisition follows Enlabs’ announcement that it will make an offer to acquire Global Gaming after upping its stake in the Ninja Casino operator last month.
Enlabs chief executive, George Ustinov, said the company’s latest acquisition would accelerate its expansion into new markets.
He said: “We now have new brands and a competent sales team with experience from global markets. We will get a good testing platform for our technology and thus the opportunity to be able to develop it more rapidly.
“Enlabs is taking a step forward with the aim of becoming a more global online operator.”