Jackpot Joy is firmly in the spotlight this month after winning not only our own Bingo Site of the Month title but also the two top awards at the recent London Affiliate Conference. That’s not the biggest news to hit the brand though, because on Thursday it was announced that a deal had been agreed with online gambling company Intertain Group to purchase a portfolio of B2C assets from the Gibraltar-based Gamesys, with the main one being Jackpot Joy.
There will be an initial payment made of £425.8 million for a brand new Gamesys subsidiary that will be created to hold all of Jackpot Joys brands and their player data. Thirteen percent of this payment will be funded through £56.8 million worth shares being issues to Gamesys, with a further £15 million worth of payments being made over the following three years, as long as Jackpot Joy meet certain financial targets set by Intertain.
The boards of directors for both companies have already approved the deal that should be complete in March, as long as it is cleared by the regulators. As part of the deal, Gamesys have agreed to a ten year service agreement that will allow Intertain to run the brand new subsidiary. Noel Hayden who is one of the principal shareholders and founder of Gamesys will also be joining Intertain’s board as a non-executive director.
Talking about the deal Hayden said:
“Gamesys and Intertain are a perfect match. From our earliest discussions we shared their vision which we know is critical to a successful long-term partnership. This is a great deal for Intertain and Gamesys, our shareholders, our employees and our players.” Intertain chief executive John Fitzgerald added “Our stated vision is to focus on the female demographic, in regulated markets, this acquisition is consistent with this vision. We feel privileged to be inheriting this strong community of players. We have not only acquired the leading online, bingo-led business, but we are also entering into a long-term relationship with one of the most well respected, technology and gaming operators, Gamesys.”