Malta – Enlabs acquires majority stake in Shogun GroupBy Lewis - 15 September 2020
Enlabs have acquired a 66.5 per cent stake in Shogun Group, a Malta based iGaming operator currently operating through a third party gaming platform under Maltese license.
Enlabs will migrate operations under own licenses to its own proprietary platform, add Enlabs sportsbook BetX and provide full support to accelerate business growth.
The acquisition of Shogun, which just have left the ‘start-up phase’, will be done in two stages. Enlabs have bought out the 66.5 per cent holding in Shogun from a group of investors for €664,000, which will be settled by issuing 229,995 new Enlabs shares. The remaining 33.5 per cent ownership is held by the Shogun founders.
In addition Enlabs will invest one million Euros in cash into the Shogun business operations. Enlabs have an option to buy the remaining 33.5 per cent of Shogun in January 2023 for a valuation of five times its net profit.
“The collaboration with Enlabs and becoming a part of the Enlabs organisation will ensure the ongoing success of Shogun and gear up our development plans. In addition, new possibilities will arise through Enlabs. This is a great development and we are very excited for the future”, said Eric Holmberg, Shogun Group co-founder.
George Ustinov, Enlabs CEO, added: “Our investment into Shogun Group will compliment and speed up our development into new markets bringing to the table new brands and proven regional sales expertise. It is an exciting opportunity to take a white-label operation in-house in order to enrich our sales knowledge, and test and develop our technical capabilities. Enlabs makes a confident step towards becoming a more global iGaming operator.”