Sportingbet Plc's (SBT.L) wholly owned subsidiaries, Sportingbet Holdings Limited or "SHL" and Interactive Sports (C.I.) Limited or "ISCI", have each signed a conditional binding deal to acquire the entire issued share capital of, in the case of SHL, Danbook Limited and, in the case of ISCI, Scandic Bookmakers Limited. The aggregate maximum consideration payable for both Danbook and Scandic is 8.5 million pounds.
The maximum aggregate consideration payable across both transactions comprises 4 million pounds of cash and 0.5 million pounds of Sportingbet shares payable immediately on closing, with a further 4 million pounds of cash to be paid across both transactions following the successful migration of the businesses of Danbook and Scandic onto the Sportingbet platform, Sportingbet noted.
The deal is expected to close early in 2012 following the satisfaction of conditions including the award of new Danish gambling licences to both Danbook and Scandic, and the launch of websites compliant with the new Danish regulations.
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