EMB Mission Bound’s MegaBet Plus Deal Could Reach €6.77M

The Swedish gaming technology group announced the agreement on October 21. Its target is Cleverpath Holdings Limited, which operates under the MegaBet Plus name. The seller is Dennis Ang, an existing majority shareholder.

Not all of the €4.1 million pays for shares. The equity portion accounts for €3 million, while another €1.1 million covers rights to two Class A and Class B bonds associated with Cyprus’s National Betting Authority (NBA).

The Next 39% Comes at a Higher Price

Ang can require EMB to purchase another 39% of the company for €2,668,422. The option becomes exercisable 12 months after the initial closing and remains available for three months.

The two equity blocks carry different prices when measured against their respective ownership percentages:

• First 51% – €3 million, equivalent to approximately €58,824 per percentage point;
• Additional 39% – €2.67 million, or approximately €68,421 per percentage point.

By 15M’s calculation, the second block is priced about 16.3% higher per percentage point. This comparison excludes the €1.1 million bond component and uses the agreed equity prices. The different timing and conditions of the transactions are not reflected in the calculation.

If the seller exercises the option and the purchase goes through, EMB would hold 90%. The combined consideration would amount to approximately €6.77 million before any adjustments to the initial purchase price.

No Immediate Cash Payment for the Initial Deal

EMB plans to settle the first €4.1 million through a promissory note that will be offset against newly issued company shares. The subscription price will be based on EMB’s 30-day volume-weighted average share price.

How many shares will be issued is still unknown. So is the resulting dilution for existing shareholders.

The second payment has different terms. EMB could pay in cash, shares or a combination of both, provided it has the necessary legal and regulatory capacity.

The acquisition was first outlined in a non-binding letter of intent on January 20. At that stage, EMB indicated a €4.1 million purchase price but did not provide the breakdown now included in the definitive agreement.

More Than 200 Betting Locations, but No Approval Yet

MegaBet Plus has operated in Cyprus since 2007. It holds licences for retail and online sports betting and has more than 200 retail locations. The operator reported €1.77 million in EBITDA for 2024, against €330,000 in net profit. Its 2025 accounts are still under audit.

EMB executive chairman Calvin Lim described MegaBet Plus as bringing "an established local presence and operating experience" to the group.

The deal still needs clearance from the Cyprus National Betting Authority. EMB expects to close it in the first quarter of 2027.