Toronto listed Intertain Group has confirmed the completion of its £425 million acquisition of UK Gamesys operations. Intertain will inherit all Gamesys brands including leading online bingo and games operator Jackpotjoy and subsidiary brands Virgin Games, Botemania (Spain) and Starspins.
In February Intertain had moved on its acquisition intentions for Gamesys, by putting forward a $650 million deal for all the operators’ assets. The deal was accepted by Gamesys investors, as Intertain moved to clear all regulatory and financial hurdles for completion.
The £425 million purchase deal has been financed through a combination of Intertain’s IPO proceeds (March 2014), a secured credit loan of $353 million and an $18 million revolving credit facility.
John Kennedy FitzGerald, CEO of Intertain commented on the completion
“We are very excited about the completion of the Jackpotjoy Acquisition, which is expected to add substantial free cash flow to our business and allow Intertain to further target the female demographic in regulated markets”.
“In addition to acquiring the world’s leading online bingo-led business, we have also entered into a long-term relationship with one of the most well respected technology and gaming operators, Gamesys. I personally look forward to working with Noel and his team on our global expansion strategy, and I want to thank all of our shareholders for their ongoing support of Intertain.”
As part of the acquisition Gamesys CEO & Founder Noel Hayden will join Intertain Group’s Board of Directors as a Non-Executive Director.
“I’m delighted to complete this exciting deal and become part of Intertain’s strategy to further strengthen its global position in online bingo.Both our companies share this vision and I look forward to working with Fitz and the Intertain team to maximize value for Intertain shareholders.” Hayden commented