888, the online betting and gaming operator, has completed the sale of its entire B2C and B2B bingo business to Saphalata Holdings, a member of the Broadway Gaming group.
The total cash consideration of US$45.25m is $43.25m payable on completion, and a further $2m unconditionally payable in one year. 888 has agreed to continue to provide Broadway certain transitional services for a period of up to 12 months from completion, in accordance with an agreed fee schedule.
The bingo business, which is substantially UK-based, generated gaming revenue of approximately $25m in the first half of 2022 for 888, and approximately $54m in the last twelve months.
Itai Pazner, CEO of 888, said: “The successful completion of this strategic transaction enables 888 to further increase its focus on integration with William Hill and delivering on our mission to be one of the world’s leading online betting and gaming businesses.”
David Butler, CEO of Broadway Gaming, said: “We are delighted to complete the acquisition of 888’s high quality bingo business and platform. By combining these with our existing business and brands, which include Butlers Bingo, we will be able to achieve an even stronger global footprint in key regulated bingo markets.
We see further expansion opportunities in both the B2C and B2B segments, and are very excited about working with the management team to deliver on our plans for the future, as we look to become the pre-eminent online bingo business globally.”
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