Online gaming operator 888 holdings has completed an acquisition of JPJ Group’s Mandalay operating company for $23.7 million. The announcement was made last month, and will see London-listed 888 Holdings take full control of the various bingo assets, which includes Costa Bingo, from JPJ subsidiaries Jet Management Group and Jet Media.
888 will need to pay an initial fee to JPJ under the teams of the agreement, and further pay will be made later this year in September. 888 CEO Itai Pazner in a statement explained that the purchase of Mandalay would be used to support their strategy of expanding across a number of international regulated markets, which includes the UK bingo sector.
Adding to his statement, Pazner said that the expansion is underpinned by organic growth initiates that support exploring value-enhancing M&A. He continued by saying that he is confident in the Group’s B2B platform, which was developed on Dragonfish, and that consolidating these brands into their current B2C portfolio will provide growth opportunities and synergies, allowing them to apply the full extent of 888’s core capabilities in marketing and customer relationship management.
JPJ Group has also stated that the new sale would give it the chance to develop a single brand strategy for its core UK market based around its flagship Jackpotjoy franchise, which they believe would optimise returns on their marketing investments. This comes as the B2B operator confirmed that it had signed a new deal to purchase sports betting operator BetBright.
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