Joining the board on 1 April 2022 following SkyCity Entertainment Group becoming a shareholder in GiG in connection with the acquisition of Sportnco Gaming SAS, Ahearne has closely followed the development of the group since his appointment, and is “pleased with GiG’s operations and the company’s position within the iGaming industry.”
He is currently serving as CEO of SkyCity, and will now focus on his commitments to the group in New Zealand and Australia.
“SkyCity is represented in GiG’s nomination committee and will participate to propose a board composition to the annual meeting of shareholders in May that has an adequate breadth of competence, experience and background and will contribute to a continued positive development for GiG,” a statement from GiG read.
“The Board of Directors thanks Michael for his contribution to the company.”
GiG added that remaining board members Chairman Petter Nylander, Nicolas Adlercreutz, Kathryn Moore Baker, Mikael Riese Harstad, Kjetil Garstad and Hessi Mocca will continue to act as the company’s Board of Directors.
Last month, GiG signed an agreement to acquire casino affiliate websites Askgamblers.com, Johnslots.com, Newcasinos.com and several smaller domains from Catena Media for a total consideration of €45m ($47.9m).
Closing is expected in the first quarter of 2023, with €20m to be paid in cash on closing, €10m 12 months after closing and the €15m balance 24 months after closing.
The acquired websites generated €12.9m in revenue and €8.4m in EBITDA for the first nine months of 2022, with GiG expecting to have an EBITDA margin between 60-70% from the assets going forward.
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