ZEAL Network agrees to acquire SevenCanyon’s remaining 96.5% stake
ZEAL Network signed an agreement to acquire the remaining 96.5% of SevenCanyon, entering the UK prize-draw market, the company said. The consideration is about £33.8 million, with an earn-out of up to £4.8 million over six months; ZEAL plans to fund the purchase with a €40 million, seven-year term loan arranged by Deutsche Bank.
The acquisition would give ZEAL entry to the UK prize-draw market and add SevenCanyon’s operations to its business.