JPJ Group reveals about the acquisition agreement with a subsidiary of 888 Holdings concerning their Mandalay operating business. In the official press release, JPJ Group, in addition to sharing a few details about selling Mandalay, has stated they’re transferring their focus on the bingo-led Jackpotjoy brand. On the other end, Chief Executive Officer for 888 Holdings has added they’re pleased to acquire JPJ’s Mandalay business which includes names such as CostaBingo.com and continue with their strategy of expanding on a global level.
The Acquisition Agreement
JPJ Group, an online gaming holding company with headquarters in London delivers products on a global level thanks to its subsidiaries. Among the products, JPJ Group, through InterCasino, Vera&John, Jackpotjoy, Starspins and Botemania brands, offers customers bingo and casino games.
JPJ Group in the press release disclosed about Mandalay being accountable for online bingo brands like CostaBingo.com. Previous to the agreement, since 2009, 888 Holdings has been in business with Mandalay brands through their Dragonfish subsidiary by providing bingo platform to Mandalay Media.
They’ve also conveyed the conditions of selling were settled at £18 million. Furthermore, upon the conclusion of the sale and employee consultation process, anticipated to finalize by the end of March, JPJ Group will receive £12 million in cash and the rest of the payment, by September this year.
In addition, it was revealed Mandalay’s annual revenues were about £11 million, along with an unaudited year net approximate profit of £3.7 million.
By selling Mandalay, JPJ Group intends to shift its focus on the UK brand strategies through bingo-led Jackpotjoy brand.
888 Holdings’ Future Plans
As the owner of popular brands, set on providing innovations and the best products within the online gaming market, Gibraltar-based 888 Holdings seem excited to add a portfolio of accomplished bingo brands.
Itai Pazner, Chief Executive Officer for 888 Holdings explained the acquisition will allow 888 Holdings to make stronger the position these brands have in the UK online bingo market.
Pazner also added that 888’s goal is to continue its global expansion into all regulated markets. Mergers and acquisitions such as this one are made in service of this agenda and the acquisition of the new portfolio of brands that includes CostaBingo.com is another step that 888 has taken to make its brand even more popular on the worldwide stage.
The top class CEO believes that the Dragonfish powered B2B platform of the JPJ Group will deliver plenty of growth potential for the brand as the full power of 888’s core capabilities will be unleashed in relation to these new products. The rich portfolio acquired on this occasion is only the latest in a series of strategic mergers that 888 continues to make.
Considering all the above, when it comes to the acquisition of Mandalay, both sides are set in following through in order to fulfill their goals. JPJ Group is determined to turn to their Jackpotjoy brand while 888 Holdings gets to include bingo brands like CostaBingo.com which already operate on 888’s Dragonfish platform due to previous business arrangements. 888 Holdings are firm in their belief they’ll make the best out this agreement and as it finalizes, make sure these brands only strengthen their place in the market.
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