6th of September 2018 Author: Alex Hoffmann
Leading bingo operator, Jackpotjoy, has formally confirmed the completion of a previously announced sale of its social businesses to a South-Korean casino establishment, Bagelcode. The acquisition is estimated at £18.1 million and it is compliant with the company's H1 results.
Right Business Decision:
According to the group's executive chairman, Neil Goulden, JPJ Group pinned a successful deal by selling a part of its business to Bagelcode, since it represents a leading entertainment company in the region that designs and develops games focused on the social casino market. The South Korean-based enterprise has a well-established player community as well and it is dominant in the vertical. Goulden issued the following statement:
"The successful disposal of our social business enables the Group to exclusively focus on our core activity of real money gaming. Importantly, it also represents another positive step in our strategy to reduce net leverage, providing us with further optionality to create value for shareholders."
Entertainment On a Global Level:
Jackpotjoy.com is a holding company of numerous online gaming sites that provide entertainment in different industry markets. The establishment has grown an immense consumer base over the years by signing important deals with software providers such as Relax Gaming in February 2018, as well as other leading operators.
In July 2018, JPJ Group plc acquired a popular Spanish platform for iGaming, Botemania, cashing out £63.5 million for the purchase. The operator caters bingo and casino games to its players through purlieus such as Vera&John, Costa Bingo and many other famous brands.
Earlier in March, Neil Goulden, chairman, bought 25,000 shares in the company at a price of 820.00p.
Source: "Completion of sale of social business". JPJ Group. August 3, 2018.
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