Gambling high street chain Ladbrokes is to expand its Scandinavian operations after buying out its partner in the region, Sponsio.
Having signed a partnership agreement with Sponsio in 2001 to develop its business in Norway, Denmark and Sweden, as well as Finland, Ladbrokes will now pay £36 million to acquire the company.
A further £4 million will be paid if regional growth targets are achieved. Ladbrokes is confident that it will be able to achieve rapid growth in the region, pointing out that spending per capita on gambling in the Nordic area is "among the highest levels in Europe".
John O'Reilly, managing director of Ladbrokes' remote betting and gaming division, commented: "Working with Sponsio has enabled Ladbrokes to become one of the leading online betting and gaming companies in the Nordic region.
"Having benefited from their local expertise, we are now consolidating our Nordic operations and will continue to drive successful online growth throughout Scandinavia."
Today's announcement from Ladbrokes continues a period of expansion for the Middlesex-based firm. Earlier this month it began a slot-machine joint venture in Spain with Cirsa Slot, while on December 28th it announced that it had been awarded 142 new betting licences in Italy.
Despite the Sponsio acquisition, shares in Ladbrokes fell by 1.38 per cent in the first hour of trading on the London Stock Exchange.
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