Azerion Investor Presentation Deck
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Sale of Social Card Games
Sale of social card games portfolio
Entered a definitive agreement with Playtika on 1 August, 2023 to acquire
Azerion's social card games portfolio, including titles such as Governor of
Poker 3 and Poker World.
Sale of social card games portfolio completed 28 August 2023 for an initial
cash consideration of € 81.3 million, subject to customary adjustments, with an
earnout based on the performance of the acquired business that could take
the total consideration up to a maximum of € 150 million.
At completion Azerion received close to € 67 million before income tax and
approximately 15 months after the completion date Azerion will receive the
remaining proceeds subject to the terms of the asset purchase agreement.
Gain on sale estimated at approximately €70 million before income tax.
Earnout consideration calculated by multiplying incremental Adjusted EBTIDA
performance of social card games portfolio above a baseline of around €13.5
million, by a multiple of between 6.0x and 7.0x (both inclusive); multiple
contingent on revenue growth during the earnout period.
Example of Azerion building and scaling valuable technology assets.
8.8
~€ 81
million
Initial
consideration
(subject to customary
adjustments)
2.8
Q1
8.8
Net revenue
10.2
9.3
LLLLLL
3.7
2.6
2.6
Q3
Q4
Q2
2022
€ 150
million
Maximum
Consideration
(including performance
based earnout)
Adjusted EBITDA 1
11.3
azerion 'Adjusted EBITDA includes a central cost allocation for H1 2023 of approximately € 1.5 million. These costs will be addressed as part of our ongoing cost management programme.
3.5
Q1
10.3
2023
4.1
Q2View entire presentation