July 25, 2009 (CAP Newswire) --
As was widely predicted in the business media
in recent weeks, PartyGaming has confirmed that
it has purchased majority shares in Cashcade Ltd.,
a London-based online gambling company that operates
Foxy Bingo among other successful iGaming websites.
transaction was reported on Thursday at the final
price of £95.9 million, and is the first
of many anticipated mergers for PartyGaming since
it settled with U.S. authorities earlier this
PartyGaming will initially pay £71.9 million
for the London-based bingo and casino operator
Cashcade, and up to a further £24 million
subject to Cashcade's future profit performance,”
writes Lilly Vitorovich at Dow Jones (via The
Wall Street Journal).
had been partially owned by British newspaper
publishing company Independent News & Media
PLC (IPD.DB), which had been described as “debt-laden”.
move is likely to continue to catapult PartyGaming
to the top of the online gambling marketplace,
a position it had been pursuing aggressively in
recent months. "Our longer-term strategic
objective is to become the market-leader in online
poker, casino, sports and bingo," PartyGaming
CEO Jim Ryan said in a statement. Cashcade's primary
strength is online bingo.
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