Strategic deal
PartyGaming near us$ 163.3 million deal to acquire Cashcade
(UK).- Online gaming group PartyGaming is close to announcing a us$ 163.3 million deal to buy Cashcade, owner of the foxybingo.com web site, a source familiar with the matter said last weekend.
2009-07-20
Reading time 17 seg
The source, confirming a story in the Sunday Times, said PartyGaming was likely to pay an initial sum of around us$ 122.5 million followed by a further us$ 40.8 million depending on the performance of Cashcade in 2009 and 2010. PartyGaming declined to comment.
The deal would be a boost for indebted newspaper publisher Independent News & Media, which owns a near-20 % stake in Cashcade and is looking to sell assets to raise money.
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