PartyGaming buys online bingo operator Cashcade
20th July, 2009
After reporting that 888.com would not buy Cashcade in our recent article online gambling operator 888 to buy Cashcade? we have been informed that online gambling operator PartyGaming have gone ahead with a deal.
Cashcade is the parent company of foxy and get minted; PartyGaming who has been involved in other acquisitions in recent months has reportedly paid £100million in the buyout. They apparently made a down payment of £75million with the other £25million subject to a performance review over the next two years.
The acquisition will relieve the struggling Independent News and Media publishers who are reportedly in debt and own approximately 20% of Cashcade as it stands.
Other shares were mostly owned by its staff and the directors of the company. Cashcade shareholders last year profited £12million on revenues of £45million.
PartyGaming has recently been rumoured to be interested in GigaMedia whilst it continues its expansion to protect itself from US legal disputes.
By Faye
