SBC News Gaming Realms sells 70% in UK B2C assets to Norwegian investment firm

Gaming Realms sells 70% in UK B2C assets to Norwegian investment firm

SBC News Gaming Realms sells 70% in UK B2C assets to Norwegian investment firm
Patrick Southon – Gaming Realms

London AIM-listed Gaming Realms Plc has confirmed that it will sell 70% of its UK B2C division to Norwegian online gambling investment firm River iGaming for £23 million consideration. 

Confirming the transaction, Gaming Realms governance is set to divest its B2C brands of Spin Genie, Pocket Fruity and the ITV syndicated Britain’s Got Talent and XFactor Games.

Updating investors, Gaming Realms will maintain its flagship brand of Slingo.com and its associated properties.

Detailing the terms of the transaction, Gaming Realms secures a minimum payment of £8.4 million combined with a further cash payment of £14.7 million executed on an earn-out basis.

Should the deal be accepted by investors, Gaming Realms B2C division will continue to operate its divested assets for River iGaming’s upcoming UK property of River Casino Limited until 30 June 2020.

“We believe this sale will be transformational for Gaming Realms as it will enable us to focus more of our resources on international licensing and the development of new gaming content, placing us in a stronger position to drive further profitable growth in the future,”  detailed Gaming Realms Chief Executive Patrick Southon

Moving forward, Gaming Realms governance will use B2C proceeds to further develop new gaming content and the platform capabilities of its B2B division.

Check Also

SBC News Betclic first to launch Gaming Realms portfolio in Portugal

Betclic first to launch Gaming Realms portfolio in Portugal

Gaming Realms has introduced its gaming portfolio to players in Portugal following a partnership with …

CasinoBeats Slots Festival May 2021

CasinoBeats Slots Festival to showcase hottest new games releases of spring 2021

The second CasinoBeats Slots Festival of 2021 will once again provide a valuable showcase for …

SBC News Simon Collins to vacate position as betting MD at News UK

Simon Collins to vacate position as betting MD at News UK

News UK’s Managing Director of Betting and Gaming, Simon Collins, is set to vacate his …