by Anton Johan
The success of the Wink Bingo brand has not gone unnoticed in the UK
gaming industry.
Yesterday it was announced that the London trading 888 Holdings group has
agreed to pay Wink Bingo up to £59.7 million to acquire the network of
thriving bingo rooms.
888 will pay an initial £11.1 million, and further earn out payments to
the maximum sum of nearly £60 million.
The Daub Limited owned Wink Bingo incorporates several top brands in the
industry, including Post Bingo and Bingo Fabulous.
According to the new deal, the base price of £11.1 million will be paid
out in cash, with earn out payments paid out according to Wink Bingo's
performance during the next 12 months.
"We are delighted to announce the Wink Bingo acquisition as an expansion of
our B2C online bingo footprint in the lucrative UK market," said Gigi Levy, the
Chief Executive Officer of 888 Holdings.
"The Wink team has a proven track record of excellence in marketing, CRM and
execution and will be a great addition to our growing bingo business. In
addition the transaction is financially attractive and will be earnings
enhanced."
The new Wink Bingo will operate on the ever expanding Dragonfish bingo
network.
888's B2C sector grew by nearly 100% in the first three quarters of 2009.
