Malta-based firm predicts Time2Play assets to generate a minimum of €23m in revenue in 2024 as affiliate push continues
Gaming Innovation Group (GiG) has completed the acquisition of Time2Play Media, formerly known as KaFe Rocks, with an initial upfront payment of €15m.
The deal was first agreed in November for a total consideration of €35m, with GiG paying an initial €15m upfront, followed by €20m in four semi-annual payments over the next 24 months.
GiG could also issue shares worth €2.5m to sellers in Q1, subject to specific operational cost-saving targets being met by the end of 2023.
The Malta-based firm said the transaction would position its Media arm as “the dominant force in online casino affiliation” and will anchor the business’ foothold in North America.
GiG also said it expects the Media division to see “substantial growth” next year with synergies leading to a minimum revenue of €23m in 2024 and an EBITDA margin exceeding 45%, meaning a 2024 expected value/EBITDA multiple of around 3.6x.
Jonas Warrer, group CEO of GiG, said: “Our goal is to maintain our position as the leading casino affiliate in the industry and to expand further in the North American market. The inclusion of KaFe Rocks aligns perfectly with these objectives.
“We’ve identified a thriving business led by an exceptionally skilled team. We eagerly anticipate integrating KaFe Rocks into the GiG family, unlocking additional business value to benefit our partners and investors,” he added.
The addition of Time2Play Media to GiG’s affiliate arm follows last year’s €45m acquisition of AskGamblers from Catena Media.