Acroud Signs LOI to Acquire a Company Active on US Sports Betting Market
Stockholm-listed iGaming affiliate Acroud has signed a Letter of Intent (LOI) to acquire a fast-growing company active on the US Sports Betting market for an initial consideration of approximately EUR 2.2m
The acquisition would also be followed by a potential additional earn-out consideration that may be payable by Acroud to the sellers in an aggregate minimum amount of approximately EUR 2.2m. The earn-out consideration shall be paid in a mix of newly issued shares in Acroud and cash.
The Target is offering betting tips directly to consumers, which is not subject to regulations and may, therefore, be offered across the American market. Adding Acroud’s services for affiliation and lead generation to the Target’s offering will bring an additional upside, as well as creating a strong position in American states soon to be regulated.
“This is a clear step in our strategy with focus on the US market and Sports Betting, and the second LOI Acroud has signed in Sports Betting in short time. We continue to execute on our growth plan and with this, we position Acroud well in the fast growing and expanding Sports Betting market in US,” Robert Andersson, President and CEO of Acroud, said.
