Leading online bingo company Mandalay Media Limited sells it’s online bingo websites to Toronto Company, Intertain Group (TSX:IT). The deal was made for £45 million upfront and will include an additional £15 million in revenue provided certain targets are met.
Cryptologic is the parent company of Intertain Group and is known as a leading platform provider offering casino and poker games.
Mandalay Media is made up of several online bingo operator sites after originally setting up the affiliate sites Casino Choice and Ignite. The company branched out into bingo and has such online sites as Costa Bingo, Fancy Bingo, Sing Bingo, City Bingo, and Rio Bingo. The sites operate off of 888’s B2B platform Dragonfish, the same platform that Foxy Bingo runs on which was bought by BwinParty. Mandalay generated £16.1 million of revenue and £7.9 million of net income in the financial year ended Aug. 31, 2013.
John Kennedy FitzGerald, chief executive of Intertain, said in statement: “As we have previously stated, bingo and sports betting are key verticals missing from our current gaming platform supplied by Amaya Gaming Group.
The bingo sites will fill the gap in their missing verticals and Canaccord Genuity Corp. will be in charge of the financial acquisition of the deal.
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