EssNet AB today announced that it has signed an agreement to sell substantially all of the assets of its traditional online lottery division to Scientific Games Corporation for 460 MSEK in cash. Following this, EssNet will focus strongly on further developing its subsidiary EssNet Interactive’s position in the fast developing interactive gaming market.
“The lottery market is in a consolidation phase where the big suppliers get even bigger. We have for quite some time been evaluating various solutions where our traditional lottery business could best be leveraged and we feel that this agreement with Scientific Games will benefit both our customers and employees, said EssNet CEO and President Hans Vigmostad. “The future for EssNet Interactive is exciting. The entire market for gaming machines is going through a transition from stand-alone machines to real-time connected, interactive entertainment terminals and with our leading technology we are in a very favourable position to benefit from this evolution.”
About EssNet
EssNet’s lead investors are:
- Nordic Venture Partners, (31.0 %) represented by Henrik Albertsen, EssNet Chairman
- Tattersall’s, (25.0 %) represented by Raymond Gunston, EssNet board member.
- IT Provider, (10.5 %) represented by Gösta Johannesson, EssNet board member
EOC Partners LLP has acted as EssNet’s financial advisor in the transaction with Scientific Games.
For further information, please contact Hans Vigmostad, EssNet CEO and President, on +46 8 702 57 00. www.essnet.se
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