888, the online gaming firm has today announced its plan to buy one of their rival internet bingo companies, Wink Bingo for around £60 million, which will see 888 presence increase in this sector.
The owner of 888, Pacific Poker has said it plans to pay Daub, Winks current owners a base price of £11 million, plus a sum based on earnings in the year to March 2011, with the total capped at £59.7 million.
Both companies have favoured well in the current climate with both making profits, in August, 888 reported pre-tax profits of 14.9 million US dollars (£9.3 million) in the six months to June 30, compared with 26.3 million dollars (£16.4 million) in the same period last year. Also Wink which was only launched in 2008 has generated revenues of £15 million and pre-tax profits of £1.3 million in the 11 months to November 30 this year.
Wink bingo is one of the most popular online bingo sites and their networks which include Wink Bingo, Posh Bingo and Bingo Fabulous, had over 60,000 active players in October this year making them very desirable.
Gigi Levy, Chief executive said the acquisition would help 888 expand its online bingo footprint “in the lucrative UK market”. The firm have said “completion of the deal was dependent on certain factors, including obtaining the required consents.” However Wink bingo’s site currently run through 888’s Dragonfish bingo platform, making transition for the Wink bingo networks to join up with the 888ladies Bingo easy
Picture courtesy of Pocheco
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