Mobile betting group LeoVegas has announced that they've sold their live dealer subsidiary Authentic Gaming to Genting Group for €15 million.
The agreement will see the whole business ported over to Genting, who'll then use the product to provide live dealer services for their brands. Genting has a series of land casinos, making them perfect defacto studios for the games. Authentic has proven to be profitable for LeoVegas, having generated €1 million in revenue for the last quarter.
Genting Online Managing Director Jeremy Taylor spoke about the deal, sharing: "Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device. With Authentic Gaming's advanced technology and innovative product, we are convinced that together we have a good position to realise that vision."
LeoVegas CEO Gustaf Hagman added: "The time is now right to sell the enterprise to the industry giant Genting, which is the perfect buyer to take Authentic Gaming to the next level. The deal shows our innovative strength in the Group and our ability to develop and build sustainable companies.
"We have thereby created shareholder value with a more than a 100% return on our investment in Authentic Gaming."
The deal will be able to be closed quickly as it's not subject to regulatory approval. We'll update readers as we learn more.
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