Betsson has struck a deal to acquire Georgia-based, privately owned gaming operator Europe-Bet for a total purchase consideration of $85 million (€76.5 million).

Under the agreement, which features an initial purchase consideration of $50 million, Betsson will become the second largest local online gaming operator in Georgia with a market share of almost 30%.

Having acquired the company from a group of entrepreneurs, the deal includes a clause for a number of Europe-Bet's founders to remain in strategic positions after the transaction is complete.

Betsson, which will be able to strengthen its strategic market position in Georgia as a result of the deal, has also opted to retain other key employees to continue to operate the business.

Europe-Bet posted revenue of $52.4 million in 2014 while earnings before tax amounted to $20 million.

Magnus Silfverberg, president and chief executive officer of Betsson, said: "Europe-Bet has established a strong brand with a competitive multi-product offering in the locally regulated market of Georgia.

"Together with Betsson's technology, a foundation for profitable and sustainable growth within and outside Georgia is created."

The deal, which is expected to close before the end of July, will be one of the last to be overseen by Silfverberg, who is due to depart Betsson next month in order to take on a new role with Bisnode.

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