LeoVegas acquires gaming operator Royal Panda
Baker McKenzie represented the mobile gaming company LeoVegas in its acquisition of the Malta based gaming company Web Investments Limited. Web Investments Limited holds the trademark Royal Panda (“Royal Panda”). The acquisition was made for a purchase price of 60 million euro with a possible earn-out payment of an additional 60 million euro.
The acquisition strengthens LeoVegas’ expansion in regulated gaming markets, especially in the UK, and adds a strong brand to the LeoVegas Group. Royal Panda has a proprietary technical platform focused on online casino, and the company recently launched a sportsbook.
Baker McKenzie’s team consisted mainly of responsible partner Anders Fast and associates Martin Folke and Cathrine Caap at the Stockholm office.