Operator and provider Gamesys Limited, the parent company of the Gamesys Group, has confirmed the sale of its customer-facing assets to Intertain Group in a deal worth an approximate £425.8m.
Gamesys’ Jackpotjoy online bingo brands in the UK and Sweden, casino brand Starspins.com and Botemania.es, a Spanish-facing bingo brand, are all included in the acquisition.
The companies have entered into a ten-year services partnership, with the transaction structured to ensure alignments of interests for both parties.
A binding share purchase agreement will allow Intertain to acquire 100% of the issued and outstanding shares of a newly-incorporated subsidiary of Gamesys, which will hold all of the brands and player data assets comprised within the Jackpotjoy business.
Intertain CEO John Kennedy Fitzgerald said: "Our stated vision is to focus on the female demographic, in regulated markets. 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 online, bingo-led business, but we are also entering into a long-term relationship with one of the most well respected technology and gaming operators."
The initial purchase price will be made up of cash and share consideration, with £56.8m of this funded through the issuance of Inertain common shares to Gamesys.
Further payments will be made in the third and fifth years subject to financial milestones.
Gamesys founder and CEO Noel Hayden, who will be joining the board of Intertain, said: “Gamesys and Intertain are a perfect match.
“From our earliest discussions we shared their vision which we know is critical to a successful long-term partnership.
"This is a great deal for Intertain and Gamesys, our shareholders, our employees and our players.”