PartyGaming to take over Cashcade
16th June, 2009
Egaming review reports that once Partygaming have settled affairs in the US, that a takeover of Cashcade, Foxy bingo’s parent company, could be as early as next week.
Independent news and media, a 20% stakeholder in Cashcade, are looking to raise money to repay their outstanding debts of €200m. The take over from Partygaming is reported to be worth between £70m-100m, to be paid in cash.
The move will enable Partygaming to utilise Cashcade’s marketing expertise and allow Cashcade to diversify from the UK market upon which it is currently reliant.
The deal could raise concerns with currently troubled competitor’s gala bingo as the acquisition will mean a marketing push to gain market share.
By Faye
