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PartyGaming Buys Cashcade

For several weeks now there has been widespread speculation on who would acquire the UK online gambling group Cashcade . Would it be Party Gaming, 888.com or some other major group with the financial clout to close the deal?
 
This weekend the UK newspaper The Times provided the answer, reporting that Internet gambling group Party Gaming has clinched the deal with a GBP 100 million price tag.  PartyPoker
 
888.com was widely thought to the front runner in bids to acquire Cashcade, which owns the major Foxy Bingo and Getminted websites. It seemed like a logical fit, as Cashcade is probably the biggest licensee on 888's Globalcom bingo platform.
 
However, last week CEO Gigi Levy told media that his company had the finance and had considered a deal, but didn't like the price. Concerns over a competitor buying the group are ameliorated by the fact that Cashcade's contract with Globalcom still has two years to run.
 
The Times informs that the deal with Party Gaming will be announced after the weekend, providing a much needed cash windfall for Independent News & Media, the indebted newspaper publisher that owns a near-20 percent stake in Cashcade.
 
Party Gaming is thought to be paying an initial GBP 75 million to take control. It will then have to pay up to GBP 25 million, depending on the performance of the business this year and in 2010.
 
After settling a legal dispute with the US Department of Justice in April, Party Gaming said it was hoping to make a number of acquisitions in the online gaming sector. This deal will mark its first since the settlement. It is also known to have looked at a deal to buy GigaMedia, owner of the Everest Poker online site.
 
Cashcade has significant potential. Majority-owned by its directors and staff, it has enjoyed strong growth since launch in 2000. Last year, the company generated EBITDA of just over GBP 12 million on revenues of about GBP 45 million and is said to be trading well this year.



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NBA : Warriors Win the West; NBA Finals Next - The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.

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NBA Odds: Will Cavaliers Be Rusty in Game 1? - The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.

4 New Microgaming Releases in May 2017 - Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.

PKR Company Statement Update - Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.

Microgaming Wins The Spark Award 2017 - The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.

NHL Predators First Ever Conference Finals Appearance - With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.

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