Online Gambling's Roxy Palace Bought by 32Red

Published Wednesday, July 15, 2015 - Online-Casinos.com
Online Gambling's Roxy Palace Bought by 32Red

32Red is an award-winning online casino, poker and bingo operator established in 2002 and listed on the London Stock Exchange governed Alternative Investment Market (AIM) in 2005. 32Red is licensed and regulated by the Government of Gibraltar, where the firm’s entire operation is located.

The company announced recently that it has acquired the remote online gaming business Roxy Palace. Founded in 2002 and it offers more than 500 online casino games including slots, blackjack, video poker and roulette, and benefits from a database that has an estimated 230,000 registered gamblers.

32Red will acquire the complete customer database, intellectual property rights and other assets associated with the acquisition of the entire issued share capital of Eucalyptus Investment a completely owned subsidiary of Hyperlink Media Limited and Applied Logics.  32Red and Roxy Palace operate on Microgaming’s platform and posted net revenues of £10.1 million in the 12 months prior to December 2014, while gross profit amounted to £3.4 million.

Chief Executive Officer for 32Red, Mr. Ed Ware, commented, “We have known and respected the business for many years, and share a number of common values. Like 32Red, Roxy Palace is also based on the Microgaming platform, which will aid in making for a smooth integration. Ware continued, “This acquisition fits well with our regulated markets growth strategy and will allow us to leverage the expertise that the Roxy Palace team has built up over many years in international markets to the combined benefit of the enlarged business.“To that end we will continue to support the Roxy Palace brand along with maximising synergies where appropriate.”

The sellers accepted 10,000,000 new ordinary shares of 0.02p each (the "Consideration Shares") and, in aggregate, £2m in cash. Application has been made for the Consideration Shares, which will rank pari passu with all existing shares in issue, to be admitted to trading on AIM.

 

 

 

 

 

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