Sale of Mandalay to 888
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JPJ Group plc, a leading global online bingo-led operator, announces today that it has signed a definitive agreement for the sale of its Mandalay operating business to a subsidiary of 888 Holdings plc, for total cash consideration of £18 million.
The divestment of Mandalay will enable the Group to concentrate on a more focussed brand strategy in the U.K. through Jackpotjoy, the market’s leading bingo-led brand and optimise the Group’s return on its marketing investment.
Mandalay consists of the real money operating results of various online bingo brands, including Costa Bingo, and all its bingo offerings operate on 888 Holding’s Dragonfish platform. Mandalay generated approximately £11 million of revenue and approximately £3.7 million of profit before tax attributable to the assets in the twelve months to 31 December 2018.[1]
Completion of the Mandalay sale is expected to take place by the end of March 2019, following the conclusion of an employee consultation process.
On completion of the Mandalay sale, £12 million of the cash consideration will be paid to the Group with the remaining £6 million expected to be paid in September 2019.
Notes
[1]Based on unaudited management accounts.
About JPJ Group plc:
JPJ Group plc is the parent company of an online gaming group that provides entertainment to a global consumer base through its subsidiaries. JPJ Group plc currently offers bingo and casino games to its customers through its subsidiaries using the InterCasino, Vera&John, Jackpotjoy, Starspins and Botemania brands. For more information about JPJ Group plc, please visit http://www.jpjgroup.com.
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