Online gambling company Intertain Group Ltd. (TSE: IT) has completed its purchase of Dumarca Holdings plc, the Malta-based parent company of rival online gaming service Vera & John group.
The transaction would give Intertain access to more online players in Nordic countries.
Toronto-based Intertain agreed to pay $54.5 million in cash for Dumarca, exclusive of working capital adjustments, and about 5 million common shares of Intertain. The company may be required to make a further cash payment should Vera & John generate earnings before interest, taxes, depreciation and amortization (Ebitda) exceeding certain thresholds in 2015 and 2016.
Intertain went public in early 2014 after buying the InterCasino assets from technology company Amaya Gaming Group Inc.
In June, Intertain began its expansion with the acquisition of British online bingo website company Mandalay Media Ltd. for $100.4 million.
The deal to buy Dumarca was first announced in October.