888 Ladies owners, 888 Holdings are to purchase a number of bingo brands from the JPJ Group.
The brands include Costa Bingo, City Bingo and Sing Bingo.
Costa Bingo is the largest of the trio having been in business since 2009, and the deal includes an up front payment of £12m followed by a further £6m cash payment in September.
The new Chief Executive of 888 Holdings, Itai Pazner, told us: The group continues to deliver its stated strategy of expanding across global regulated markets. This expansion is underpinned by organic growth initiatives supported by exploring value-enhancing M&A.”
He continued: “Having been developed on Dragonfish, the Group’s first-class B2B platform, we are confident that consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888’s core capabilities in product, marketing and customer relationship management to their operations.”
Meanwhile, JPJ Group confirmed that following the sale it would use some of the funds to help strengthen the position of their flagship brand Jackpot Joy.