888 Holdings acquires Costa Bingo brand and others
News on 19 Feb 2019
News on 19 Feb 2019
888 Holdings plc subsidiary Brigend Limited has acquired certain assets, including a portfolio of bingo brands, from Jet Management Group Limited and Jet Media Limited (together Jet) for a GBP 18 million consideration.
Jet is part of the group of companies headed by JPJ Group plc, which owns the Jackpotjoy brands.
“The acquisition further strengthens 888’s position in the UK online bingo market and enables the Group to take full marketing control of a number of additional bingo brands,” the statement reads.
Under the terms, Jet’s online bingo brands, which previously operated as business-to-business (B2B) brands on 888’s Dragonfish Bingo Platform, including Costa Bingo, City Bingo and Sing Bingo, will be operated by 888 on a business-to-customer (B2C) basis going forward.
The acquisition will give the Group full control of these successful brands from a marketing perspective to support and further strengthen the Group’s position in the UK online bingo market.
Itai Pazner, Chief Executive Officer of 888:
“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 GBP 18 million consideration of GBP 18 million will be satisfied in cash, with GBP 12 million being paid to Jet upon closing of the acquisition and the remainder of GBP 6 million to be paid in September 2019.
