Royal Panda Acquired by LeoVegas

Royal Panda is one of the most popular online casino brands around, especially in the over-saturated UK market, which is known as one of the toughest iGaming markets to crack, which is saying something considering the competitive nature of the industry as a whole.

It is perhaps no surprise then, that Royal Panda has caught the attention of another animal based online casino giant, LeoVegas, which has announced that it will be acquiring Royal Panda for an outright purchase price of £60 million (with another £60 million in earn-out incentives) in a deal that LeoVegas governance expects to be completed by December 2017.

About the deal

LeoVegas have acquired Royal Panda in order to improve their position in the UK market. There is no suggestion that LeoVegas intends to merge the Royal Panda brand with the LeoVegas brand, instead allowing the two to function as two separate popular online casino brands which funnel their revenue into the same place.

After a profitable third quarter in which the company saw group revenue of €55 million, LeoVegas expects quarter four to be even better, and this deal should help with that.

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Speaking of the acquisition, Group CEO of LeoVegas AB, Gustaf Hagman, said:

“Royal Panda has in a short time built up an efficient business with an exciting and strong brand. This is a major acquisition that we are carrying out following a carefully executed process. With the help of the strong symbolic value in the panda, the company has built a premium brand among gamers, and we will complement LeoVegas with Royal Panda. This gives us two great brands with global appeal, which makes the scalability in the continued growth strong while strengthening our position in the UK.”

More details are expected soon due to the rapid rate at which the deal is expected to be completed.