Sportsbetting Now Part Of World Gaming Group
Published: Thursday, December 15, 2005 Online-Casinos.com
SPORTSBETTING NOW PART OF WORLD GAMING GROUP
Multi-million dollar acquisition completed
World Gaming executives were celebrating the final acquisition of the Sportsbetting.com group this week (see previous Online-Casinos.com & InfoPowa reports) with all pre-conditions on the deal having been met.
Funding for the acquisition includes a $40 million term loan from Barclays plc plus the previously announced placing of shares to raise GBP 6 million for the group before expenses. In addition, Barclays has provided a revolving facility of up to $ 5 million.
Commenting on the acquisition, CEO, Daniel Moran said: "The acquisition of the Sportsbetting.com group is a significant extension of the our business. The limited integration plus the strong proven growth makes this acquisition an ideal fit for continued organic and acquisitive growth of World Gaming."
Jamie Grant, Director Barclays Leveraged Finance commented: "We at Barclays are very pleased to support World Gaming in this strategic acquisition. The compelling business proposition and the enthusiasm of the management team ensures that World Gaming is now well placed to further leverage its business assets, and benefit from future market growth."
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