TIDM888
RNS Number : 4141Q
888 Holdings plc
19 February 2019
19 February 2019
888 Holdings Plc
("888" or the "Group")
888 acquires Costa Bingo
-- 888 acquires a portfolio of successful Bingo brands, including Costa Bingo.
-- The acquisition further strengthens 888's position in the UK
online bingo market and enables the Group to take full marketing
control of a number of additional bingo brands.
888, one of the world's leading online gaming entertainment and
solutions providers, announces the signing of an agreement by its
wholly-owned subsidiary, Brigend Limited, for the acquisition of
certain assets of Jet Management Group Limited and Jet Media
Limited (together, "Jet") for consideration of GBP18 million (the
"Transaction"). Jet is part of the group of companies headed by JPJ
Group plc, which owns the Jackpotjoy brands.
Background to the Transaction
Consolidating its position as one of the leading bingo operators
in the UK, 888 has acquired a portfolio of Jet's online bingo
brands, which previously operated as business-to-business ('B2B')
brands on 888's Dragonfish Bingo Platform. Going forward, 888 will
operate these on a business-to-customer ("B2C") basis.
Jet has been a partner of Dragonfish, the Group's B2B Bingo
division, since 2009 with brands including Costa Bingo, City Bingo
and Sing Bingo. The acquisition will give the Group full control of
these successful brands from a marketing perspective to support and
further strengthen the Group's position in the UK online bingo
market.
Itai Pazner, Chief Executive Officer of 888 commented:
"The Group continues to deliver its stated strategy of expanding
across global regulated markets. This expansion is underpinned by
organic growth initiatives supported by exploring value-enhancing
M&A."
"We are pleased to announce the acquisition of this portfolio of
brands which includes the well-established Costa Bingo. Having been
developed on Dragonfish, the Group's first-class B2B platform, we
are confident that consolidating these brands into our existing B2C
portfolio will deliver synergies and growth opportunities by
applying the full extent of 888's core capabilities in product,
marketing and customer relationship management to their
operations."
Details of the Transaction
The consideration of GBP18 million will be satisfied all in
cash, with GBP12 million being paid to Jet upon closing of the
acquisition and the remainder of GBP6 million to be paid in
September 2019.
Transaction Classification
The Transaction constitutes a class 2 transaction for the
purposes of the Financial Conduct Authority's Listing Rules ("LR").
For the purposes of LR 10.4.1 R (Notification of class 2
transactions), the value of the gross assets that are the subject
of the Transaction is GBP18 million as at the date hereof, and the
profit before tax attributable to the assets as sourced from
unaudited management accounts provided to 888 by Jet is
approximately GBP3.7 million for the year ended 31 December
2018.
Important Notices
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU 596/2014) and is
issued on behalf of 888 by its Board of Directors. This
announcement is issued at 7:00 am GMT on 19 February 2019. Upon
publication of this announcement, this inside information is now
considered to be in the public domain.
This announcement contains forward-looking statements with
respect to the operations, performance and financial condition of
888. By their nature, these statements are subject to risks,
assumptions and uncertainties that could cause actual results to
differ materially from those expressed or implied because they
relate to future events.
Unless otherwise required by applicable law, regulation, the LR,
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules or accounting standard, 888 does not undertake
to publicly update any forward-looking statements, whether as a
result of new information, future developments or otherwise.
Nothing in this announcement should be construed as a profit
forecast.
Nothing in this announcement constitutes or shall be deemed to
constitute an offer or invitation to invest in otherwise deal in
any shares or other securities of 888.
For more detailed information about 888, see the Investor
Relations section of the 888 website:
https://corporate.888.com/investor-relations.
Enquiries and further information:
888 Holdings Plc
Itai Pazner, Chief Executive Officer +350 200 49 800
Aviad Kobrine, Chief Financial Officer +350 200 49 800
+44(0) 207 796
Hudson Sandler (public relations) 4133
Alex Brennan 888@hudsonsandler.com
Hattie O'Reilly
Bertie Berger
About 888 Holdings Plc:
-- 888 Holdings Plc is one of the world's leading online gaming
entertainment and solutions providers. 888's mission is to supply
its customers with innovative and market-leading online gaming
products, above all in a safe and secure environment.
-- 888 has been at the forefront of the online gaming industry
since its foundation in 1997, providing an innovative and
world-class online gaming experience to players and B2B partners.
At the heart of 888's business is its proprietary gaming technology
and associated platforms.
-- 888 operates in three US states: Nevada, Delaware and New Jersey.
-- The Group is structured into two lines of business: B2C,
under the 888 brands, and B2B, conducted through Dragonfish, which
provides partners a leading platform through which to establish an
online gaming presence and monetise their own brands.
-- 888's consumer facing websites offer more than just online
gaming. They are entertainment destinations: places where people
can enjoy a truly interactive experience and be part of an online
community that shares common interests. 888's strong and trusted
brands are all accessible through www.888.com.
-- Find out more about 888 at http://corporate.888.com/.
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END
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