Britain's interactive television betting group NetPlayTV plc is to acquire the business assets of Two Way Gaming Ltd, the provider of the popular Challenge Jackpot gaming services, from parent Virgin Media Television for GBP 2 million in stock, the company announced this week. And Virgin Media Television will buy options to acquire 9.9 percent of NetPlay's shares at a strike price of 18 pence per share.
NetPlay also outlined plans to raise GBP 800 000 through a private placement of 4.44 million shares at 18 pence each.
Netplay has signed production and gaming agreements with Virgin Media for an initial period until June 30, 2013, and will take over production of the ‘Challenge Jackpot' brand, including its website and television channel.
The addition of the Two Way Gaming revenue is expected to take NetPlay's gross monthly bets to over GBP 45 million.