MTG signs agreement to sell Bet24

(PRESS RELEASE) -- International entertainment broadcasting group Modern Times Group today announced that its Nordic Betting subsidiary has signed an agreement with Unibet Group to sell its Bet24 operations to Unibet for a total cash consideration of approximately EUR 13.5 million.

Bet24 is active in the online gaming market in Northern Europe and offers a wide range of sports betting and gaming products and services through various web sites including www.bet24.dk and www.bet24.com.

The transaction is subject to regulatory approval and is expected to be completed by the end of the second quarter of 2012.

Unibet has confirmed that it intends to integrate the Bet24 business into its existing operations by re-branding Bet24’s products and services and migrating Bet24’s customers to its own platform. According to the terms of the agreement, Unibet will transfer approximately 45 Nordic Betting employees to its operations in Malta.

Nordic Betting reported gross winnings of approximately EUR 10.5 million for the full year 2011.

Hans-Holger Albrecht, President and CEO of MTG, commented: "The sale of Bet24 is in line with our focus on our core broadcasting operations. We have developed and expanded our online betting and gaming businesses over the past seven years as the industry has become more and more competitive. Unibet is one of the largest and most established players in the European market and therefore provides an attractive platform for Bet24 customers and for the further development of the business."