(Alliance News) - 888 Holdings PLC on Wednesday announced the sale of its bingo business in a USD50 million deal, as the online betting and gaming firm looks to focus on what it described as its core business and North American expansion.
Gibraltar-registered 888 will sell its bingo businesses, to Saphalata Holdings Ltd, a member of the Broadway Gaming group. The USD50 million payment includes a potential earnout of up to USD4 million, based on the achievement over six months of revenue-based performance criteria.
The decision to sell the bingo business was driven by the group's strategy to focus on its core platform of online betting and gaming, 888 explained.
"Following a strategic review, we have taken the decision to sell the bingo business", said 888 Chief Executive Itai Pazner.
"This strategic transaction will enable 888 to further increase its focus on its core platform and unified, scalable and proprietary technology, and grow our key product verticals of casino, sport and poker, as we continue in our mission to be one of the world's leading online betting and gaming businesses."
888 shares were flat at 290.00 pence each in London on Wednesday morning.
By Will Paige; willpaige@alliancenews.com
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