Latest deal to ensure online casino giant’s growth
Thursday 15th December 2005
The board of World Gaming Plc has announced the acquisition of the Sportsbetting.com Group in a move that is forecast to increase the group’s revenues and profitability.
Daniel Moran, CEO of World Gaming said, “The acquisition of the Sportsbetting.com Group is a significant extension of the Group's (World Gaming) business. The limited integration plus the strong proven growth makes this acquisition an ideal fit for continued organic and acquisitive growth of the Group.”
Funding for the deal includes a $40 million loan from Barclays Plc along with the previously announced placing of shares to raise £6 million. Barclays has also provided a revolving facility of up to $5 million for the acquisition.
Jamie Grant, Director of Barclays Leveraged Finance commented, “The compelling business proposition and the enthusiasm of the management team ensures that World Gaming is now well placed to further leverage its business assets, and benefit from future market growth.”
