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Billion Dollar Bingo: Intertain Group Acquires Gaming Brands from Gamesys

Intertain Group
Intertain Group
Intertain Group’s acquisition of assets from Gamesys included U.K. online bingo leader Jackpotjoy, which is now poised to become its parent company.

After dropping the hint in late January that it was in “advanced discussions with a third party regarding a significant acquisition of certain assets.” Intertain Group (Intertain Group Stock Quote, Chart, News: TSX:IT) pulled back the curtain on that acquisition this morning.

The company announced that it was acquiring three gaming brands, including U.K. online bingo leader Jackpotjoy, on-line slot site Starspins, and Spanish online bingo leader Botemania from Gamesys for 425.8 million British pounds sterling (approximately $809-million Canadian dollars).

The company says it believes the transaction will instantly turn Intertain into the largest provider of on-line, bingo-led gaming.

“Our stated vision is to focus on the female demographic, in regulated markets,” said Intertain CEO John Kennedy FitzGerald. This acquisition is consistent with this vision. We feel privileged to be inheriting this strong community of players. We have not only acquired the leading on-line, bingo-led business, but we are also entering into a long-term relationship with one of the most well-respected, technology and gaming operators, Gamesys.”

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To finance the deal, Intertain says it will sell 28-million subscription receipts at a price of $15.00 each for gross proceeds of $420.0-million. The purchaser is Canaccord Genuity and an unnamed group of underwriters. The company will also arrange senior credit facilities of (U.S.) $352.5-million with Macquarie Capital (USA) Inc.

At press time, shares of Intertain Group were down .6% to $16.65.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.

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