Internet betting company Jackpotjoy has announced that they've made their final earnout payment to complete the purchase of Botemania, doling out £63.5 million in the process.
The companies agreed to a purchase in 2015 and has seen Botemania serving as the company's Spanish operation. The payout now completes the last payout to completely finalize the purchase, as the company met financial performance to earn the bonus. The company has been performing admirably since integration, helping the company grow its revenues.
Commenting on the payout Jackpotjoy Executive Chairman Neil Goulden said, "I am pleased that Jackpotjoy Group has paid the final installment relating to the earn-out of our Spanish business, Botemania, which has performed strongly since it was acquired in 2015.
"The earn-out payment has been made comfortably from existing cash resources, highlighting our strong free cashflow generation and the strength of our balance sheet."