The Intertain Group Ltd. (T.IT) will pay a combination of shares and cash worth at least $813 million to buy the Jackpotjoy online gaming business from Gamesys.
The deal will combine two online bingo and casino businesses operating under various brands in several countries.
The deal includes Real Money Jackpotjoy which the companies say has a leading market share in the United Kingdom, and Real-Money Starspins, an online slot site launched two years ago in the U.K.
Under the agreement, Toronto-based Intertain will make an initial payment worth 425.8 million pounds including about 7.4 million of its shares valued at $14.73 per share.
Moreover, the company will also make additional payments totaling up to 15 million pounds if the Jackpotjoy business meets certain financial targets.
Intertain shares crept up two cents early Thursday from Wednesday's close, to sit at $16.77, within a 52-week trading range of $3.85 to $17.73.
Tech Insider
