Sorainen is advising Betsson on the acquisition of gaming operator Lošimø strateginë grupë, trading as TonyBet in Lithuania. Betsson is acquiring Lošimø strateginë grupë through wholly owned subsidiaries and deal closing is expected to take place within a month. The initial acquisition consideration is EUR 4.0 million.
TonyBet is the second largest licensed online operator in Lithuania. Through this acquisition the Betsson Group will strengthen its foothold in the Baltic region with licenses in Estonia, Latvia and Lithuania. TonyBet currently offers its customers primarily a sportsbook online and through a network of more than 20 betting shops in Lithuania.
Betsson.com offers digital and mobile gaming entertainment (a multitude of casino games, sportsbook betting, poker, bingo, and scratch cards). Betsson is owned by Swedish Betsson, one of the world’s largest gaming groups, which has been providing gaming entertainment for over 50 years.
Sorainen has provided full legal support including legal due diligence of TonyBet operations, assistance in drafting transaction documents and support on other transaction issues. Sorainen is continuing to work on the transaction in cooperation with international law firm Gernandt & Danielsson to ensure a successful finalisation.
The Sorainen team in this transaction is led by partner Renata Berþanskienë and senior associate Jonas Kiauleikis.