The acquisition has received approval from the Estonian Competition Authority
Estonia.- Sweden’s Enlabs has received approval from the Estonian Competition Authority to move ahead with its acquisition of Global Gaming.
The Optibet operator’s only condition on its offer for Global was that the takeover’s clearance from regulatory bodies, including competition watchdogs.
The ECA’s approval means it can now go ahead with buying all remaining shares in Global, which operates Ninja Casino.
Enlabs already holds close to 67 per cent of Global Gaming. It made a non-negotiable offer last month to pay up to SEK150m for the remaining 13.6 million shares, and issue up to 4.9 million shares in Enlabs. The offer valued Global at SEK450m (€43.2m).
Global shareholders have up until November 2 to decide whether to accept the offer. They can sell their shares at SEK11 each, or exchange them for 0.36 shares in Enlabs.
An independent committee established to review the bid has recommended shareholders accept it, describing the offer as moderate but a good strategic fit for the business.
It noted that the acquisition would allow Global to expand activities in core Enlabs markets, and vice-versa, and to target newly regulated Ukraine.
Enlabs will delist Global from the Nasdaq First North Exchange if it gains more than 90 per cent of its shares.