German gambling conglomerate Gauselmann Group has expanded its digital presence by acquiring a ‘significant majority stake’ in Newcastle-based Bede Gaming.
The acquisition will allow Gauselmann Group to create new opportunities ahead of the launch of Germany’s online gaming market in 2021.
Paul Gauselmann, CEO and founder of the Gauselmann Group, commented:“Bede’s technological expertise is very impressive and its highly complex solutions are the first choice for leading gaming companies not only in the UK, but around the world.
“This acquisition will allow us to significantly broaden the existing technology base within the Group and at the same time enable us to offer it to our customers and partners.”
Under the terms of the new agreement, Gauselmann will further expand its presence in the North American lottery market via Bede Gaming’s partnership with the Ontario Lottery and Gaming Corporation (OLG).
”We are delighted that the Gauselmann Group has acquired a majority stake in Bede. Gauselmann’s long-term prospects and financial strength will allow us to further enhance our range of products and services to existing customers as well as win new business partners,” added Bede Gaming Chairman, Joe Saumarez-Smith.
Bede Gaming will operate as an independent business unit within the Gauselmann Group and continue to maintain its offices in Newcastle upon Tyne, Sofia and Toronto. The management will also continue to hold a stake in the company.
Oakvale Capital, CMS and BDO, acted as advisers to Bede Gaming in connection with this transaction. The Gauselmann Group was advised by Addleshaw Goddard and Grant Thornton.