online gambling operator 888 to buy Cashcade?
17th July, 2009
There has been months of speculation over who will end up buying Cashcade (owners of foxy bingo).
888.com’s CEO Gigi Levy has announced his company as out of the running, he explained that other companies were eager to buy the company at a much higher price than 888 were prepared to put forward.
”We had bank financing for the acquisition; we just didn't want to pay the price they were asking for. 888 are interested in Cashcade but there are other companies that are more interested in it and are willing to pay more for it.” Said Levy.
However, Levy said that looking into the consolidation of Cashcade had nothing to do with the lack of a settlement with US authorities before the UIGEA was passed. Now that 888.com is definitely out of the running other gaming operators are jumping at the chance including Party Gaming who is expected to complete the acquisition in the coming weeks.
So why is Cashcade up for sale? They are the parent company of Foxy, Think, Little big bingo and cheeky bingo. Independent news and media own a 16% share in Cashcade and apparently are keen to do a deal as soon as possible to clear debts.
By Faye
