• M&A Group expands footprint with €60m BonusFinder acquisition

By Robert Fletcher

Affiliate business Group has announced the acquisition of NDC Media, the publisher of, in a deal worth up to €60.0m (£50.1m/$67.6m).

The Group said the deal would support its wider growth strategy in the North American market and expects the acquisition to be immediately accretive.

BonusFinder publishes online portals to help consumers find and compare bonuses for online sportsbooks and casinos, counting Canada as its largest market. BonusFinder also has a presence in the US and plans are in place to expand its reach in the country.

The aggregate purchase price of €12.5m included €10.0m in cash and €2.5m in newly issued, unregistered ordinary shares in Group.

Selling share shareholders may also benefit from additional earnout payments based on the financial performance of BonusFinder in 2022 and 2023.

The maximum total consideration is €60.0m, with an earnout payment of €19.0m due in 2023 should certain targets be hit, as well as up to €28.5m in 2024. Group has the option to pay up to 50% of each earnout payment in unregistered ordinary shares.

The acquisition closed yesterday (31 January) and will be consolidated into group financial statements from today (1 February).

“We believe that the combination of these two complementary businesses is immediately accretive to our fiscal 2022 earnings and establishes a foundation for a leadership position in North America which will drive value creation for our shareholders,” Group chief executive Charles Gillespie said.

“We believe the deal structure provides an attractive risk/reward balance for the group. The total consideration for the transaction will vary commensurately with the financial performance of the acquired business, guaranteeing an attractive acquisition multiple for the group and tightly aligning the financial incentives of the newly combined businesses.”


BonusFinder chairman Fintan Costello (pictured) added: “These organisations complement each other well as partners within the North American market.

“ Group has demonstrated its leadership position within the online sports betting and igaming industry and its proprietary technologies and experience will provide BonusFinder with the tools to maximise growth in this exciting new era of North American regulation.”

The deal comes after Group last month also completed its acquisition of Roto Sports, the operator of US-facing fantasy sports news and advice site, for $27.5m.

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