888 purchases bingo operation
However, a further earn-out payment of up to us$ 11 million may will be payable in cash 12 months from completion on the basis of performance during financial year 2007.
The bingo business operates a network of 45 online bingo sites - including Bingoballroom.com, UK-Bingo.net, Bingofabulous.com and Twofatladies.com - and provides bingo solutions to business partners operating their own networks and other third party sites. In 2006, the bingo business generated turnover of us$ 11.3 million and a net profit of us$ 5.6 million, with the majority of customers from the UK.
Commenting on the acquisition, Gigi Levy, CEO of 888, said: "The acquisition is an important step forward in delivering our strategy of diversifying our product offering. The bingo business is a highly cash generative and profitable business, with proven scalable proprietary software.
He continued by saying that "Bingo will be a valuable addition to our entertainment services, which we expect to provide excellent cross-selling opportunities for our expanding base of customers worldwide."
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