Casino.co.uk Sold To CryptoLogic
Published: Thursday, August 23, 2007 Online-Casinos.com
CASINO.CO.UK SOLD TO CRYPTOLOGIC FOR GBP 3 MILL
Media Corp sells off top domained site and other Internet casino and poker room interests
Online gambling games developer and turnkey provider Cryptologic is starting to spend some of its impressive capital reserves on Internet gambling acquisitions, and this week announced a deal with Media Corp plc for the purchase of the popular gaming portal Casino.co.uk and related Internet casino and poker room assets.
Newly relocated to Dublin, Ireland, Cryptologic said its wholly-owned subsidiary, Gaming Portals Limited, has inked the acquisition agreement with the Internet advertising group. The transaction is earnings accretive from the outset and is valued at about GBP 3 million, with the prospect of an additional payment of GBP 625 000 subject to achieving post-closing performance targets.
GPL will maintain the existing services and will continue to offer current and prospective clients a high-quality portal with excellent advertising opportunities.
Media Corp reiterated that its decision to sell the Casino.co.uk business is based on the need to focus on its online advertising businesses and diversify into other markets, and also to focus on the further development of its gaming portal Gambling.com.
The Casino.co.uk business made gross profits of about GBP 620 000 for the year to end-Sept 2006.
Media Corp and its directors, Jason Drummond and Justin Drummond, have agreed to 2 year restrictive covenants as part of the transaction. The Gambling.com business is carved out from these restrictive covenants.
Commenting on the transaction, Justin Drummond, Chief Executive of Media Corp, said:
"As highlighted in the annual report and accounts for the year ending September 2006, the disposal of the casino.co.uk business is a key part of the overall strategy of the Group to focus on its online advertising businesses and diversify into other markets. This transaction will also enable the Group to focus its resources on the further development and marketing of our leading Global gaming portal Gambling.com.
The new cash raised, combined with the Group's existing GBP 4 million cash balance has created an excellent platform to accelerate growth through acquisitions and investment in the current websites and advertising businesses".
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