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.
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.