Online Bingo News - Jaxx to Sell Its Lotto Business After All?
9th of May 2012 - latestbingoobonuses.com
Unsettled political situation does not stop the gambling group to move forward with the plans
Despite the political uncertainty in the regulatory and licensing jurisdiction Schleswig Holstein in northern Germany, gambling group Jaxx SE decided to push forward the sale of its lotto business.
Namely, the political issues may arise from the situation that emerged over the weekend when the governing coalition headed by the CDU party only just squeaked past the Socialists at the poles, placing the latter in a strong position to form a coalition of its own. The consequences for the industry may be that the now firmly established licensing regime may be overturned on a political whim, but what will happen eventually remains to be seen.
However, all this insecurity does not seem to make Jaxx hesitate when it comes to the deal for its lotto side of business. On the contrary, it has divested itself of Euro 12.5 million and it made slow but steady progress on the due diligence process. Thanks to these advances, Jaxx can now claim Euro 8 million of the consideration due on the deal, while another Euro 1 million falls due at the end of Q3 2012, with the balance payable in a six-year fixed interest loan on a quarter by quarter basis.
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