Playtech has announced it has finalised a deal to acquire Swedish games studio Quickspin.

Under the agreement, Playtech will pay a maximum consideration of six times Quickspin’s earnings before tax, interest, depreciation and amortisation (EBITDA), subject to a cap of €50 million.

The initial payment is of €24 million for 100% of Quickspin’s shares on a cash-free and debt-free basis. The remaining maximum consideration of €26 million will be payable on an earn-out basis referring to Quickspin’s EBITDA in 2022 and 2018.

With its headquarters in Stockholm, Quickspin boasts of a portfolio of over 20 games and develops video slots for both social and online real-money gaming markets.

The company generated €2.1 million in EBITDA for the year ended December 31, 2022, while revenue came in at €6 million.

Playtech said the move will provide the company with a “proven virtual slot machine games portfolio”, with plans in place to distribute Quickspin’s content through its existing distribution channels across all verticals.

Daniel Lindberg, Joachim Timmermans and Mats Westerlund will remain at the company for a minimum of three years from completion, as a part of the deal.

“Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech’s position as the leading platform and content provider in the industry,” Mor Weizer, chief executive of Playtech, said.

“We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family.

“Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the gaming division, together with discussions for selective bolt-on acquisitions in the financials division.”

Playtech is the largest online gaming software supplier that offers cutting-edge solutions to the industry’s leading operators. Since its inception in 1999, the company’s approach has been centred on the development of best-of-breed gaming products and content.