Unibet Group pays out 7.5 million euros to former owners of iGame Group

(PRESS RELEASE) -- Unibet Group plc has paid the first earn-out payment of €7.5 million to the former owners of the iGame Group.

In accordance with the terms of the purchase agreement signed on Aug. 7, 2015, a maximum payment of €7.5 million was payable by March 31, 2016 if iGame Group met its financial targets for the financial year ended Dec. 31, 2015. Those targets have been met in full.

The remaining earn-out payment up to a maximum of €12.5 million will be assessed by Sept. 30, 2016, based on the results of the iGame Group up to June 30, 2016. During the first quarter of 2016, iGame Group has continued to perform strongly.

The cost of paying the maximum earn-out of €20 million was fully provided in the financial statements of Unibet Group on Dec. 31, 2015, so this payment has no impact on Unibet Group's reported results for 2016.