UK Household Name Stan James Sold to Unibet5 years ago
In order to strengthen the company’s growing position in the UK market, Unibet has completed a full acquisition of Stan James’s online business for £19m ($29m).
Under the agreement, Unibet acquires Stan James’ online gambling business including full rights to use the brand online. The agreement doesn’t include the acquisition of Stan James’ UK shops which number over 90 around the country. It is expected that transaction will be completed in the second half of the third quarter of 2015.
British company Stan James which currently offers casino, online sports betting and poker, recorded earnings of £1.4m last year, before the tax, interest and depreciation. Due to the EU rules on acquisition of business, 150 Stan James’s workers that are currently based in Gibraltar, will now continue their employment under the new owner, Unibet.
Henrik Tjärnström, CEO of Unibet, said that Stan James is one of the most respected online operators in the UK market. He explained that Unibet has started eyeballing the UK market recently and they see a significant potential in the acquisition of Stan James, British bookmaker established in 1973. Unibet hopes to grow profits through improved mobile offering and introduction of live streaming to website.
CEO of Stan James online Dennis Kelly expressed his delight about this deal. He believes that combining the expertise of two companies will certainly strengthen the combined share of the UK market. While Unibet brings to the table the financial and marketing knowledge, Stan James boast rich sports and racing offering, which should make for a great match.
Kelly also thanked all shareholders of the company for their support of the business.
According to the Unibet’s announcement the acquisition price of £19m is payable fully in cash and will be adjusted for customers' liabilities.
Unibet is one of the largest online gambling operators in European market and it has over ten million customers around the world. The company offers products such as poker, casino, live betting, bingo and sports betting.
Stan James online company is based in Gibraltar while the company’s head office is in England. The company also operates more than 90 land-based betting shops in the UK.
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