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One of the front-runners in the online casino industry, 888 Casino, has announced a new acquisition of several JPJ Group’s brands through their subsidiary Brigend Limited.
The operator will acquire the Mandalay operating business, through the acquisition of the brands that belong to the Jet Media and Jet Management Group, the subsidiaries of JPJ Group. Some of the brands included are Costa Bingo, Sing Bingo and City Bingo.
Namely, even though 888 Casino has been around since 1997 and is one of the pioneers in the industry, this newest addition to their portfolio will definitely further strengthen their position at the top of UK Bingo online market.
The total worth of the deal is £18m, with £12m to be paid upon the finalization of the transaction and the rest to be paid in September this year.
The brands included in the deal already appear on 888’s Dragonfish platform, since they have had a close collaboration with JPJ Group since 2009, but now the top-notch establishment will have full control of the marketing of these brands.
The newly appointed CEO of 888, Itai Pazner expressed his excitement over the new deal.
“We are pleased to announce the acquisition of this portfolio of brands which includes the well-established Costa Bingo. 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.”
This will also make it possible for JPJ to focus more on the optimization of their strategy of marketing investments and the leading brand Jackpotjoy.
The Mandalay approximately generated £11m of revenue and approximately £3.7m of profit in the previous year.
The closing of the deal is expected near the end of March.