River UK Casino acquires stake of Gaming Realms
The UK company is set to acquire a 70 per cent majority stake of Gaming Realms.
UK.- Gaming Realms plc has announced its plans to sell a 70 per cent majority stake in its UK online casino business to River UK Casino Limited. The latter will purchase the stake for £23.1 million, subject to shareholder approval.
The deal established that River UK Casino will acquire Spin Genie, Pocket Fruity, Britains Got Talent Games, X Factor Games and other business. After the plans are finalised, Gaming Realms will hold a 30 per cent stake in the business and the Slingo brands.
According to a press statement from the company, a minimum payment of £8.4 million is expected, half of it to be paid on completion of the deal and the rest concurrently with the earn-out payment. Another maximum payment of £14.7 million is payable on an earn-out basis and is expected before August 31st, 2019.
“This sale will be transformational for Gaming Realms as it will enable us to focus more of our resources on international licensing and the development of new gaming content, placing us in a stronger position to drive further profitable growth in the future,” said Gaming Realms CEO, Patrick Southon.
