Online bookmaker Sportingbet has acquired the entire share capital of Danbrook and Scandic through is subsidiary Sportingbet Holdings.

Online bookmaker Sportingbet has acquired the entire share capital of Danbrook and Scandic through is subsidiary Sportingbet Holdings.

Focused on the Danish market, Danbrook and Scandic are being purchased for a maximum consideration of £8.5 million. The businesses provide sports betting, casino gambling, poker and games.

On the back of new regulatory legislation, which is set to be implemented by Denmark on 1 January 2012, Sportingbet views the changes as representing a ‘commercially viable opportunity’.

Andrew McIver, chief executive of London-headquartered Sportingbet, says that the new purchases emphasise Sportingbet’s commitment to generating revenue from regulated markets.

He adds: ‘We have already demonstrated our ability to deliver strong growth in licensed territories such as Australia and we are excited by the opportunity that Denmark represents.’

Under the terms of the deal the maximum aggregate consideration payable across both transactions is to be made up of £4 million of cash and £500,000 of Sportingbet shares, with a further £4 million in cash to be paid across both deals following the ‘successful migration’ of the newly acquired businesses.

In June Sportingbet revealed that the business was in discussions regarding a possible takeover of the business with UK bookmaker Ladbrokes. However the talks have subsequently broken down after the two parties failed to agree a suitable structure to the deal.