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Cashcade Bought By PartyGaming - Poker News

��PartyGaming Acquires Cashcade


July 23, 2009 ten:53

In an attempt to dominate all locations of the on the web gaming business, PartyGaming has bought Bingo owner Cashcade for �71.9 million with an extra amount to be paid, up to �24 million, dependent on income targets being met.

PartyGaming's extended phrase aim is to lead the market place in the 4 major gaming regions of online poker, casino, sports and bingo, and PartyGaming chief executive Jim Ryan mentioned they are pleased to be acquiring the UK's leading bingo internet site.

For the previous two years, Cashcade had been for sale and there is speculation that Partygaming has paid more than the market place value for the organization. 888 had expressed an interest in the business earlier in the year but had been not prepared to meet the asking price. The chief executive of 888, Gigi Levy, mentioned at the time:  We had financial institution financing for the acquisition, we just didn't want to pay out the value they have been asking for. 888 is interested in Cashcade but there are other organizations that are much more interested in it and are ready to pay much more for it.

Jim Ryan of PartyGaming explained he believed it was a great deal and would allow his company to exert competitve strain on their rivals. He said:  Cashcade provides us with an outstanding platform to create a meaningful share of the $one.five billion worldwide on the web bingo industry. Our M&A aim is to obtain companies that can put us into a prime three place in each of our four solution verticals and deliver considerable income and value synergies. Our longer-phrase strategic objective is to become the market-leader in on the internet poker, casino, sports activities and bingo.

There is expected to now be far more movement in merging activity in the bingo marketplace as a lo

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