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Spiffbet is set to acquire the parent company of Goliath Casino, a Swedish online casino operator that mainly targets higher spending players.

In a deal that still has to be approved, Spiffbet will offer Goliath shareholders new shares in Spiffbet. Up to 6,632,331 Spiffbet shares will be issued at SEK0.401 each, which will represent 3.8% of all Spiffbet shares and correspond to a value of around SEK2.6 million (€252,518).

Spiffbet plans to offer a further private placement worth SEK856,073 to selected investors, including some Goliath shareholders, to partially finance the acquisition of Goliath as a wholly-owned subsidiary.

Goliath’s director board has recommended the deal, but it will need approval from 90% of Goliath’s shareholders. So far, 84.2% of shareholders have indicated their support.

Spiffbet, which completed a merger with Metal Casino earlier in the year, has said it expects Goliath to make a contribution to profit for the second half of the year.

“The acquisition of Goliath strengthens our position in the online casino and is an important part of our acquisition plan. Through Goliath, Spiffbet gets access to a new brand that is internationally viable and that we can develop and expand into new markets,” Henrik Svensson, Chief Executive of Spiffbet, said.

“Furthermore, the coordination benefits with Metal Casino are clear. Goliath fits in well with our business and complements our market presence with a different profile and partly other markets,” Henrik Svensson added.

“Through the acquisition, Goliath gets a fresh start and can, through Spiffbet, continue to develop and be part of a larger group of companies where other brands are included. Spiffbet has strong support from its owners to be the locomotive in the consolidation that is taking place in the gaming industry and I look forward to being a part of this journey,” Claes Wenthzel, Chairman of Goliath, said.