21st of February 2019 Author: Kayleigh White
888 Holdings PLC has announced that they have acquired a portfolio of successful bingo brands, including Costa Bingo from Mandalay, which further strengthens 888's position in the UK online bingo market and in turn, allows the company to take full control of a number of additional bingo brands, including Sing Bingo and City Bingo.
The leading online gaming and solutions provider signed an agreement with its wholly-owned subsidiary; Brigend Limited, for the acquisition of certain assets of Jet Management Group Limited and Jet Media Limited (collectively known as Jet), for consideration of £18 million (€20.6m/$23.3m), with £12m being paid to Jet on closing of the deal and a further £6m will be paid in September 2019. The two holding companies form the Mandalay operating company (named after Mandalay Media) which JPJ acquired bingo assets from in 2014, including the Jackpotjoy brands. Going forward, 888 will operate these on a business-to-customer (B2C) basis.
Signed Sealed and Delivered:
The London-listed operator has been a partner of Dragonfish, the Group's B2B Bingo division, since 2009 with brands including Costa Bingo, City Bingo and Sing Bingo. In the 12 months leading up to December 2018, Mandalay Media (then JPJ Group) amassed revenue of £11m with £3.7m in profit before tax. The signed deal will mean the group will have full control of these successful brands, from a marketing to customer support.
Itai Pazner, Chief Executive Officer of 888 had this to say on the acquisition;
"The Group continues to deliver its stated strategy of expanding across global regulated markets. This expansion is underpinned by organic growth initiatives supported by exploring value-enhancing M&A. We are pleased to announce the acquisition of this portfolio of brands which includes the well-established Costa Bingo. Having been developed on Dragonfish, the Group's first-class B2B platform, we are confident that consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888's core capabilities in product, marketing and customer relationship management to their operations."
The FTSE 250 online gaming entertainment company has stated that the deal is expected to be finalised in March, once an employee consultation has been undertaken. Since the news, shares in 888 Holdings PLC were trading up 1.47 per cent at 174.54 pence per share in London on Tuesday morning.
Source: "888 acquires Costa Bingo". 888 Holdings. February 19, 2019.
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