Party Gaming Reinforces their company with Cascade

Written by: Nikola Zugic on 27/07/2009 09:00

For months, speculations and rumors were wandering around world of Bingo about who will be buying one of the most popular bingo sites in the UK, Foxy Bingo. More importantly who will be buying Cashcade, the Mother company or owner of Foxy Bingo? There were rumors that 888 Bingo will be the one taking over Foxy Bingo among other online bingo sites that Cashcade owns. 888 Bingo was very open to the fact that they are interested to take over Cashcade. But, as we reported recently, they have withdrawn. Party Gaming has offered more just to get Cashcade and 888 Bingo had to withdraw. Now, it seems like Party Gaming is already reaping the benefits.

It hasn’t been too long before Party Gaming acquired Cashcade. But no matter how quick things turned around, Party Gaming is already climbing higher up the ladder. It seems the web operator is already reaping the benefits even though it has only been awhile since they announced the purchase of another online bingo operator. Let’s see some of the known details of this new purchase.

Earlier this week, it was announced that Party Gaming will be shelling out an initial amount of £71.9 million in hard cold cash for purchasing Cashcade. Aside from that, there will be another twenty four million pounds to come depending on the future performance of Cashcade’s sites such as Foxy Bingo and Think Bingo among others. The deal also benefits the one of the major stockholders of Cashcade, Independent News & Media, who is selling their interest amounting to 18.07%. As of the moment, the company is making use of just the existing cash resources they’ve got to pay for the acquisition. However, they are already talking with the banks for funding in case of any future takeovers. The shares of Party Gaming increased from 15p to 249.5 while Independent News & Media increased three percent.

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