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Gaming Realms Purchases RealNetworks for $18 Million

UK betting firm Gaming Realms has announced the purchase of Seattle group RealNetworks for $18 million.

The deal will see Gaming Realms purchasing the distribution group for $10 million in cash up front as well as two deferred payments of $4 million which is due after year one and year two. The option is being given for half of that secondary payment delivered in shares of Gaming Realms, but no decision has yet been announced.

The deal was financed by Gaming Realms issuing an extra 50 million shares of their company, valued at 25p each.

The acquisition will see Gaming Realms also securing GameHouse US and Canadian Game Studios, as well as the complete game library contained within. Gaming Realms will also take hold of the Slingo brand and domains such as sudoku.com, mahjohng.com, and various patents.

Commenting on the deal Gaming Realms CEO Patrick Southon said, "Slingo is a well-established brand and has already benefited from sitting on our platform alongside our Pocket Fruity and Spin Genie brands. The addition of Slingo to our existing portfolio creates an exciting player offering."

"The directors believe that the acquisition will transform the group into an international, multi-brand developer in real and casual gaming and that it will greatly enhance the Group's capabilities in development, distribution, marketing and ownership of intellectual property."

The deal is subject to shareholder approval by Gaming Realms during the company's annual meeting scheduled for August 10th.

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