888 has confirmed the completion of the sale of its B2C and B2B bingo businesses to Broadway Gaming group member Saphalata Holdings.
The deal has been valued at a total of $45.2m, with $43.2m payable upon completion and the remaining $2m to be paid unconditionally within one year. 888 has committed to continue to provide Broadway with transactional services for 12 months after completion of the sale, as per an agreed fee schedule.
888 CEO Itai Pazner said: “I would like to express my immense gratitude for all of the hard work of the bingo team over the years, and in particular their unwavering commitment to the business since we announced the transaction. As part of a dedicated bingo operator, I am very confident in the future prospects of the bingo business and wish the team well.”
“The successful completion of this strategic transaction enables 888 to further increase its focus on integration with William Hill and delivering on our mission to be one of the world’s leading online betting and gaming businesses.”
The UK-based bingo business generated $25m in revenue in H1 2022, and approximately $54m over the past 12 months.
Broadway CEO David Butler said: “We are delighted to complete the acquisition of 888’s high-quality bingo business and platform. By combining these with our existing business and brands, which include ‘Butlers Bingo,’ we will be able to achieve an even stronger global footprint in key regulated bingo markets.”
“We see further expansion opportunities in both the B2C and B2B segments, and are very excited about working with the management team to deliver on our plans for the future, as we look to become the pre-eminent online bingo business globally.”
In July 2022, 888 made three additions to its board of directors, following on from the company's acquisition of William Hill’s non-US business.