Online Gambling Firm Party Gaming Expands
Published: Sunday, July 19, 2009 Online-Casinos.com
Cashcade is one more addition to Party Gaming's growing stable of money making new acquisitions. UK newspaper The Times reported recently that Party Gaming payed an estimated GBP 100 million price for the company. Cashcade owns the Foxy Bingo and Getminted websites, which will go well with Party Gaming's expansion plans. There was much speculation earlier as to who would be able to come up with the money for Cashcade's assets. The move to online bingo by a number of online gambling firms is a sign that bingo is going main stream and the smart money is buying up the ability to offer the game worldwide.
This is a sweet deal for the struggling Independent News & Media newspaper publisher which owns an estimated 20% portion of Cashcade. It is expected that Party Gaming's executives will take over the helm of Cashcade's resources with a downpayment of GBP 75 million, with the remaining GBP 25 million being due after performance has been reviewed for the rest of this year and next. The Times also reported that the announcement of the acquisition and details will be coming very soon.
Cashcade was created in 2000 and has grown steadily since. The majority of Cashcades shares are owned by the staff and it's directors. In 2008 the company delivered exceptional value for the investment with a GBP 12 million return on estimated revenues of GBP 45 million.
The settlement of the legal dispute with the USA Department of Justice this spring has propelled Party Gaming's desire to expand and make some serious moves towards consolidating it's strength in the online gambling world. It is thought that Party Gaming was considering purchasing GigaMedia recently.
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