Online betting group 888 Holdings has announced that they've agreed to purchase JPJ Group's Mandalay bingo assets for a cash price of £18 million.
The purchase will 888 picking up a slew of different assets, including the popular Costa Bingo brand as a part of the deal. The two groups have worked together for a decade, with 888 supplying bingo platforms to the different groups that have overseen the brands during that time. The deal will see 888 paying out £12 million at the close of the purchase, with an extra £6 million paid by September.
888 CEO Itai Pazner spoke about the purchase, noting: "The group continues to deliver its stated strategy of expanding across global regulated markets. This expansion is underpinned by organic growth initiatives supported by exploring value-enhancing M&A.
"Having been developed on Dragonfish, the Group's first-class B2B platform, we are confident that consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888's core capabilities in product, marketing and customer relationship management to their operations."
It is expected that the purchase will be completed by the end of next month. No regulatory approval appears to be needed to complete the deal.