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PartyGaming Buys Cashcade for GBP 100m


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Now that its U.S. Justice Department woes are a distant memory, leading
online gambling operator PartyGaming seems to be making strategic
acquisitions left, right and centre, the most recent being its reported £100
million ($163.1 million) purchase of top-rated online bingo business,
Cashcade
.

The deal will see PartyGaming increase it already impressive portfolio of online
gambling properties by bringing Cashcade’s popular online bingo site, Foxy
Bingo, and online casino, Getminted, into the fold. The size of this recent
acquisition has proven that online bingo is a growing concern and here to stay.

When Cashcade announced it was up-for-grabs, the online gambling industry was
rife with speculation as to who would pay the millions required to close the
deal. Another leading online gambling firm, 888 Holdings, was also interested in
buying Cashcade, but pulled out over the company’s hefty asking price.

Said 888 Holdings chief executive officer, Gigi Levy, ‘We had bank financing for
the acquisition, we just didn’t want to pay the price they were asking for. 888
was interested in acquiring Cashcade, but there were clearly other companies
more interested in it and who were willing to pay more for it then we were.’

With PartyGaming being one of those companies, many online gambling insiders
were not very surprised when PartyGaming stepped up to the Cashcade plate,
especially considering the company’s current and high-profile growth drive and
objective to dominate in all areas of the global online gambling industry.

Hard hit by the current recession, struggling UK newspaper publishing group and
20 percent shareholder of Cashcade, Independent News & Media welcomed the
acquisition. As part of the deal, PartyGaming will pay Cashcade £75 million
up front, and the remaining 25 million based on its 2009/2010 performance.

Cashcade is a great example of an online gambling success story. Founded in
2000, Cashcade has always been a predominantly private company, with the
majority of its shares held by the company directors and staff. In 2008,
Cashcade reported a £12 million return on approximate revenues of £45
million.

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