888.com for GBP 59.7 million
December 23, 2009, 11:44 am (7 years ago)
Wink Bingo.com, which manages 888.com’s Dragonfish network, has been put up for sale by proprietors Daub Limited to 888.com for GBP 59.7 million.
Revealing the sale this week, 888.com chief executive Gigi Levy commented: “We are happy to reveal the Wink Bingo acquisition as a growth of our B2C online Bingo path in the profitable UK market. The business is fiscally attractive and is going to be earnings enhancing. The Wink team has a shown track record of brilliance in marketing, CRM and implementation and is going to be a great accumulation to our rising Bingo business.”
888 is going to pay an first GBP 11 million to Daub on completion, followed by additional payments based on performance and set between 5 and 6 times the businesses EBITDA in the year to March 31, 2011. The earn-out payment is estimated to be made throughout the 2nd quarter of 2011 and is up to GBP 59.7 million.