Jul
23rd

PartyGaming Acquires Cashcade Limited

PartyGaming is thrilled to announce that it has acquired Cashcade Limited. Cashcade is the leader in online bingo and is behind many of the world’s most popular brands which include the award winning Foxy Bingo.

PartyGaming has reported that an initial consideration of 71.9 million pounds has been paid by them for the entire issued share capital of Cashcade Limited and that they have an agreement to pay another 24,0 million pounds in cash, which amount will depend on the company’s future performance.

In terms of the agreement, should the company’s 2009 EBITDA equal or exceed 15.0 million pounds then PartyGaming will pay a further 15.0 million pounds to Cashcade with another payment of 9.0 million pounds paid in March 2011 if Cashcade’s 2010 EBITDA equals or exceeds 19.0 million pounds. No payment will be made should the 2010 and 2011 EBITDA fail to reach 12.0 million pounds and 15.0 million pounds respectively.

PartyGaming CEO, Jim Ryan said that the acquisition of Cashcade was in line with the company’s objective of acquiring businesses that can put PartyGaming to the top three positions in each of the product verticals which it operates, namely casino, sports betting, poker and bingo. He stated further that Cashcade provides them with a wonderful platform on which to build a substantial share of the $1.5 billion global online bingo market.

Cashcade’s Managing Director added that they are thrilled to join the PartyGaming organization and believe that they will be able to supplement their existing business by being part of the world’s leading online gaming company.

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