Better Collective pays EUR 30M for acquiring Ribacka Group.
Better Collective, a Copenhagen, Denmark-based developer of digital platforms for bookmaker information, iGaming communities, and betting tips, announced that it has completed the acquisition of all shares in Ribacka Group AB, an Sweden-based owner of a strong network of leading Swedish sports betting and casino marketing platforms.
The purchase price has been agreed to amount up to 30 million EUR ($34M), of which 15 million EUR will be paid in cash at closing, 6 million EUR will be paid in May 2019 in either cash or ordinary shares in Better Collective, and the remaining 9 million EUR will be paid in 2020 pending certain agreed performance criteria.
Ribacka Group was founded in 2012 and expects to generate a revenue of >6 million EUR in 2018, with operating earnings (EBITA) of >5 million EUR.
The company will stay headquartered in Stockholm under the name Better Collective Sweden.
The two former owners of Ribacka Group, Jesper Ribacka and Jens Ribacka, will continue as local CEO and board member, respectively, in Better Collective Sweden. They will work closely together with the Better Collective headquarters in Denmark, to ensure continuity and that the strengths of both organisations are utilized in the best possible way.