888 has completed the sale of its entire B2C and B2B Bingo business to Saphalata Holdings, which is part of the Broadway Gaming Group.
The sale was worth the first $ 45.3 million in cash (£ 37.7 million / € 44.6 million), paid on completion and an additional $ 2 million unconditionally paid over the course of a year. This is in line with the deal agreed in December last year.
888 said it agreed to continue to provide certain migration services to Broadway for up to 12 months after completion.
The UK-based Bingo business generated approximately $ 25 million in game revenue in the first half of 2022 and $ 54 million in the last 12 months.
The sale of the business counters a broader strategy by establishing a leading position in the regulated market “driven by unique technology, product leadership, key brands, and marketing expertise.” He said he could focus on that.
“We are deeply grateful to the Bingo team for their many years of hard work, especially their unwavering commitment to the business since we announced the deal,” said Itai Pazner, Chief Executive Officer of 888.
“As a member of a dedicated Bingo operator, I am very confident in the future outlook for the Bingo business and hope that the team will be well.
“With the successful completion of this strategic transaction, the 888 will be able to further focus on its integration with William Hill and fulfill our mission to become one of the world’s leading online betting and gaming businesses. increase.”
David Butler, Chief Executive Officer of Broadway Gaming, said: By combining these with existing businesses and brands, including the Butlers Bingo, you can achieve a stronger global footprint in the key regulated bingo markets.
“We are very excited to work with management to realize our future plans with the opportunity to expand further in both the B2C and B2B segments and aim to become a world-class online bingo business. I am. “
The sale will take place last week after 888 completed the £ 1.95 billion acquisition of William Hill’s non-US assets from Caesars.
888 initially agreed to acquire William Hill’s non-US business in September 2021. This happened shortly after US operator Caesars acquired William Hill’s entire business for around £ 2.9bn with the goal of disposing of all but US assets.
Initially, the purchase price for this transaction was £ 2.2 billion. However, 888 and Caesars agreed to reduce the purchase price to acquire the asset by £ 250m, setting the cash portion of the transaction to £ 584.9m instead of £ 834.9m.
