PartyGaming Purchases Foxy Bingo For £94.9 Million

Cashcade, the parent company of Foxy Bingo, has been purchased by PartyGaming.

PartyGaming will pay an upfront cash payment of £71.9 million and up to £24 million in earn out payments dependent on the company’s future growth.

Jim Ryan, PartyGaming’s Chief Executive Officer, said: “Cashcade provides us with an excellent platform to build a meaningful share of the $1.5 billion global online bingo market. Our M&A objective is to acquire companies that can put us into a top three position in each of our four product verticals and deliver substantial revenue and cost synergies. Our longer-term strategic objective is to become the market-leader in online poker, casino, sports and bingo.”

Patrick Southon, Cashcade’s Managing Director, said: “This is a very exciting day for Cashcade and we are delighted to join the PartyGaming organisation. We believe there is a substantial opportunity to leverage our existing business now that we are part of the world’s leading online gaming company.”

The earn out period is said by Cashcade management to be over 18 months and is dependent on the company meeting its internal targets.

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