MORE BINGO FOR 888.COM

6 April 2007

Globalcom bought for US $32.4 million

Gibraltar-based online gambling group 888.com has clinched a deal to add the online bingo business of Globalcom to its stable of online entertainment venues.

Total consideration in the deal is $32.4 million, the company reports, with an earnout fee of a further US$11 million payable in cash within 12 months depending on performance.

Company spokesmen said that the acquisition of the Belize-registered bingo group would enhance group earnings in the current financial year

Globalcom operates a network of 45 online bingo sites, including Bingoballroom.com, Twofatladies.com and Bingofabulous.com. It provides white label bingo solutions to operators such as Thinkbingo.com and Foxybingo.com. In 2006, the bingo group generated turnover of US$11.3 million and net profits of US$5.6 million, with most of the customers coming from Great Britain.

Online Casino News courtesy of InfoPowa

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