Internet gaming firm Betsson has announced that they have signed an agreement to purchase Lithuanian gambling group TonyBet for €4 million.
The deal will see Betsson paying €4 million for the group in cash when the deal is approved by both boards. TonyBet is established in Lithuania, operating an online betting site alongside more than 20 retail shops as well. Betsson is a Swedish gaming giant, who has become known for their wide array of gaming services throughout Europe.
Commenting on the deal Betsson CEO Ulrik Bengtsson said, "We see strong synergies in this acquisition, through migration of the operator to Betsson's technical platform, and development of the casino offering."
"This acquisition is a good strategic fit for Betsson Group as Betsson's ambition is to increase revenue from locally regulated markets. We have now consolidated our presence in the Baltic region by ensuring local licenses in all three markets, and continue to pursue growth across Europe, organically and through acquisition."
Casino Listings will update this story as we learn more about the merger.