Sorainen has advised Betsson on its acquisition by its wholly-owned subsidiaries of gaming operator Losimu Strategine Grupe (LSG), which trades as TonyBet in Lithuania. LSG was advised by Tark Grunte Sutkiene on the deal, which is expected to close within a month. The initial acquisition consideration is EUR 4.0 million.
TonyBet is the second largest licensed online operator in Lithuania. According to Sorainen, “through this acquisition the Betsson Group will strengthen its foothold in the Baltic region with licenses in Estonia, Latvia, and Lithuania. TonyBet currently offers its customers primarily a sportsbook online and through a network of more than 20 betting shops in Lithuania.”
Sorainen also reports that "Betsson.com offers digital and mobile gaming entertainment (a multitude of casino games, sportsbook betting, poker, bingo, and scratch cards),” and that "Betsson is owned by Swedish Betsson, one of the world’s largest gaming groups, which has been providing gaming entertainment for over 50 years.”
Sorainen is working in cooperation with the Swedish law firm Gernandt & Danielsson "to ensure a successful finalization.” The Sorainen team is led by Partner Renata Berzanskiene and Senior Associate Jonas Kiauleikis.
The Tark Grunte Sutkiene team is led by Partner Marius Matonis, supported by Associate Andrius Voska.