Leading online casino group 888 Holdings has announced that it will buy out the online bingo business of Globalcom Limited for up to $43.4 million in cash.
The deal is expected to make a positive impact on the company’s revenues in the immediate future. 888 has agreed to pay $32.4 million, minus the amounts payable to customers, over a period of a year, following the conclusion of the deal.
The remaining $11 million is performance related depending on the success of the company which includes sites such as twofatladies.com and bingofabulous.com.
'Bingo will be a valuable addition to our entertainment services, which we expect to provide excellent cross-selling opportunities,' Chief Executive Gigi Levy said in a statement.
The Internet Bingo industry has seen a boom in recent years with hundreds of sites operating in the UK alone.