Leo Vegas has purchased Royal Panda for a reported fee of €60 m.
An additional maximum of €60 m will be paid in a 12 month earn out if the following targets are met.
The purchase of Royal Panda is in line with LeoVegas’s strategy to continue growing in regulated markets and represents the largest ever purchased they have made.
It’s taken two years to find the right Company with the right people and culture.
Gustaf Hagman, Group CEO, LeoVegas said:.
“Royal Panda has in a short time built up an efficient business with an exciting and strong brand. This is a major acquisition that we are carrying out following a carefully executed process. With the help of the strong symbolic value in the panda, the company has built a premium brand among gamers, and we will complement LeoVegas with Royal Panda. This gives us two great brands with global appeal, which makes the scalability in the continued growth strong while strengthening our position in the UK.”
Leo vegas buys Royal Panda at a time when there is a lot of consolidation going on in the iGaming industry and this is unlikely to be the last we’ll see.
Royal Panda and Leo Vegas both have great Live Casino products, both with dedicated tables at Evolution Gaming.
It will be interesting to see whether any consolidation will be performed on the live casino side, as there are definite synergies between the two therefore opportunities for cost savings.
I very much hope that we see the two branded areas retained.