Canada’s Intertain Group has completed the acquisition of Gamesys’ Jackpotjoy, Starspins and Botemania customer-facing brands, with Gamesys founder and managing director Noel Hayden becoming the largest individual shareholder of Intertain. The initial purchase price for the B2C brands (Jackpotjoy Acquisition) amounts to £425.8m, consisting of cash and share considerations subject to a customary working capital adjustment, plus certain cash earn-out payments.
The initial purchase price was financed through a combination of the net proceeds of Intertain’s CAD$483m bought public offering of subscription receipts, the previously announced US$352.5m senior secured credit facilities, and the issuance of 7,361,365 Intertain shares (at $14.73 per share) to Gamesys.
Noel Hayden, principal shareholder, founder and managing director of Gamesys has joined Intertain’s board of directors as a non-executive director, and following the closing of the Jackpotjoy Acquisition will become the largest individual shareholder of Intertain. His shares will be subject to a two-year lock-up period.
“We are very excited about the completion of the Jackpotjoy Acquisition, which is expected to add substantial free cash flow to our business and allow Intertain to further target the female demographic in regulated markets,” said John Kennedy FitzGerald, CEO of Intertain. “In addition to acquiring the world’s leading online bingo-led business, we have also entered into a long-term relationship with one of the most well respected technology and gaming operators, Gamesys.
“I personally look forward to working with Noel and his team on our global expansion strategy, and I want to thank all of our shareholders for their ongoing support of Intertain.”
Hayden added: “I’m delighted to complete this exciting deal and become part of Intertain’s strategy to further strengthen its global position in online bingo. Both our companies share this vision and I look forward to working with Fitz and the Intertain team to maximize value for Intertain shareholders.”
Intertain had announced its deal to acquire most of Gamesys’ B2C assets during ICE 2015 in February.
source : www.gamingintelligence.com
