Key points
- Raketech agreed to settle the remaining Casumba earnout for €8.2 million, against about €20.3 million payable.
- A €5.5 million Bank of Valletta loan and €2.7 million of cash fund the payment.
- Borrowings after completion are about €8.5 million, all from Bank of Valletta.
- About €12 million is still to be received from earlier asset divestments.
The remaining Raketech Casumba earnout will be settled for €8.2 million, against about €20.3 million payable under current terms, Raketech Group Holding P.L.C. announced on 19 October 2026. A €5.5 million Bank of Valletta loan and €2.7 million of existing cash fund the payment, which depends on the bank releasing the loan.
Raketech Casumba earnout terms
The €8.2 million is a full and final settlement and includes accrued interest, Raketech said in its announcement of the agreement. The amount payable under the current terms, about €20.3 million including accrued interest, is about €12.1 million higher.
The earnout liability stood at €21.3 million on the balance sheet at 30 June 2026, and Raketech has paid the sellers €1.3 million since then. The company had earlier extended the payment period for the final earnout to March 2028 and removed the option to settle in shares.
CEO Johan Svensson called the agreement “a significant milestone for Raketech”.
Bank of Valletta financing
Bank of Valletta issued a sanction letter for €5.5 million, made up of a €3.5 million three-year term facility and €2.0 million drawn from the revolving credit facility. Both carry interest of 6.65% a year, according to Raketech.
Raketech pays €3.0 million from existing cash within two business days of signing. Bank of Valletta pays the other €5.2 million directly to the sellers when the loan is drawn. Of the financing, €0.3 million reimburses the cash payment, which leaves net cash use at €2.7 million.
The loan carries a Debt Service Coverage Ratio covenant of at least 1.1x, security that includes a pledge over the Casumba deferred consideration, and a requirement that the bank approves future share buybacks.
Completion conditions
The second instalment depends on Bank of Valletta releasing the approved loan. If the loan is not released by 31 December 2026, quarterly payments under the previous terms resume and are deducted from the second instalment. If it is not released by 31 March 2027, or the financing is cancelled, each seller may terminate for its own share and return to the previous earnout terms, with payments already made credited.
Board member Magnus Alebo is a beneficial owner of one of the sellers. He did not take part in the board’s deliberations or decision, which the other directors approved, Raketech said.
Remaining divestment proceeds
After completion, Raketech’s only borrowings are about €8.5 million from Bank of Valletta, repaid over three years. Net interest-bearing debt falls by about €12 million, the company said.
About €12 million is still to be received from the Casumba and US asset divestments. Raketech said that, if received in full, it would cover the bank debt before operating cash flow. The Casumba divestment, completed in September 2025, carries fixed consideration of €12.0 million, paid monthly through December 2029 at 8% interest. About €11 million plus interest is outstanding, against a carrying value of €6.8 million at 30 June 2026, and the settlement does not affect it.
Raketech expects a non-recurring, non-cash gain in the fourth quarter of 2026, booked below operating profit, with no effect on EBITDA or adjusted EBITDA. Notional interest on the earnout, €0.9 million in the first half of 2026, stops. Bank interest is about €0.4 million in the first year and falls as the loans are repaid. More iGaming company news and European coverage are on EpicWins.
Raketech is waiting for Bank of Valletta to complete its loan disbursement process before it finalises the settlement. The first deadline is 31 December 2026.
