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Stockholm-listed computer game company Adventure Box Technology is set to acquire Canadian betting and gaming service provider Lion Gaming Group.

According to a letter of intent published yesterday (10 June), the company will purchase 100% of Lion’s shares for approximately SEK475m ($45m), paid through newly issued shares in Adventure Box priced at SEK0.40 per share.

The acquisition is subject to due diligence and Lion Gaming’s shareholder approval at an extraordinary general meeting, with the transaction expected to finalise in the second half of 2024.

Expanding into iGaming

Adventure Box operates the KoGaMa platform, where users can create, share, and play 3D computer games, boasting over 750,000 active monthly users.

Upon completion, the acquisition will mark the company’s first foray into the iGaming sector.

Lion Gaming expects to achieve turnover of approximately SEK350m and EBITDA of SEK180m in 2024.

The company boasts a diverse shareholder base of about 70 investors, including financial institutions, individuals, and venture capital firms from regions such as Canada, the United States, Europe, Central America, the Caribbean, and Australia.

Major shareholders have already expressed their support for the transaction.

Lion Gaming’s platform supports multi-chain, on-chain transactions alongside customised sportsbook and casino solutions.

The company operates several subsidiaries and brands, including Lion Gaming, MAMMOTH Workshop, Fer0x, and Aggretron, and holds multiple licences such as B2B and B2C licences in Malta and Curaçao.

Platform synergies

“We are creating a new significant player in the iGaming market through the acquisition of Lion Gaming Group and see opportunities in synergies between the KoGaMa platform and Lion’s gaming platform.

“This acquisition lays the foundation for a global player,” said Mads Jørgensen, chairman of the board of Adventure Box Technologies.

Founded in Stockholm in 2014, Adventure Box has staff in Seville, Copenhagen, and Madrid. The company is traded on the Nasdaq First North Growth Market.

“This strategic acquisition significantly increases our presence in the video game industry. The acquisition not only broadens our reach and capabilities within the gaming ecosystem, but also introduces new revenue streams,” added Adventure Box Technologies CEO Michal Bendtsen (pictured).

“We are confident that this will create value for our shareholders and enhance our growth journey in the ever-evolving gaming market.”

Lion Gaming Group CEO Duncan McIntyre believes the merger will offer Lion Gaming “opportunities and synergies” to strengthen its global presence.

“We are confident that this transaction will provide us with the tools and support we need to continue to be a leader in iGaming technology through organic growth and the acquisition of new businesses,” McIntyre stated.

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