Financial terms of the purchase were not disclosed but HeadsUp did state that it was able to complete the deal by buying out all previous third-party shareholdings of Spinola companies.
As such, HeadsUp took ownership of 100% of Spinola and its assets, which include its licences to operate across a number of European, Latin American and other regulated markets.
Spinola’s current contracts include operations in Colombia, Peru, Brazil and other Latin American markets, while new projects are also scheduled for release in later this year in six African nations, and a national lottery product is due to launch in the United Arab Emirates.
HeadsUp said the current agreements have the potential to generate more than $150m (£125m/€147m) in revenue, with room to expand on this with new contracts currently in negotiations.
The acquisition comes after HeadsUp in June of this year also purchased lottery information portal LotteryHub. Combining this with Spinola’s products and services, HeadsUp said that it aims for LotteryHub to become the world’s first global lottery marketplace solution with key partnerships being sought for European, Asia Pacific and US-based operations.
“The full acquisition of Spinola and its related assets is an integral part of HeadsUp’s global strategy across the charity, lottery and gaming space and the takeover of Spinola will not only enable it to expand into new global markets but also execute on its existing strategies with its full range of lottery, instant win and charitable fundraising solutions,” HeadsUp said.
“HeadsUp is now excited to begin to announce a substantial number of contracts through the Spinola deal that represent the previously announced anticipated revenues and earnings plus additional contracts that management has closed over the past 45 days.”
Original article: https://igamingbusiness.com/strategy/ma/headsup-acquires-of-spinola-gaming/
