Betsson becomes the second largest Georgian online gaming operator as it acquires privately-owned operator Europe-Bet.

The acquisition deal will see Betsson taking 30% market share with Europe-Bet’s online and retail betting divisions.

Betsson confirmed that the deal is worth $50m for an initial purchase consideration, which corresponds to 2.5 times the operator’s EBIT in 2014. In addition, a remaining amount of $35m will be payable after one year as long as gaming regulations in the country remain unchanged.

This implies a maximum total purchase consideration of $85m, which corresponds to 4.3 times EBIT for 2014.