Playtech has brokered a deal to procure Swedish games studio Quickspin. Under the agreement, which comes after Playtech last week revealed that it was in a position to achieve expected growth levels within the first 53 days of the year, the corporate pays a maximum consideration of six times Quickspin’s earnings before interest, tax, depreciation and amortisation (EBITDA), subject to a cap of €50 million ($55.9 million).

This will comprise an initial payment of €24 million for 100% of the shares of Quickspin on a cash-free and debt-free basis, while the remainder maximum consideration of €26 million could be payable on an earn-out basis by connection with Quickspin’s EBITDA in 2017 and 2018. Headquartered within the Swedish capital of Stockholm, Quickspin has a portfolio of over 20 games and develops video slot games for both the web real-money and social gaming markets.

Quickspin generated €2.1 million in EBITDA for the year ended December 31, 2016, while revenue came in at €6 million. Playtech said the purchase will provide it with a “proven virtual slot machine games portfolio”, with plans in place to distribute Quickspin’s content through its existing distribution channels across all verticals.

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