888 strengthens UK bingo arm with acquisition of Jet portfolio
Operator 888 has acquired a portfolio of Jet’s digital bingo brands to strengthen its position within the UK online bingo market.
For a fee of £18m ($23.3m), 888 has purchased several brands from Jet, which previously operated as B2B brands on 888’s Dragonfish Bingo Platform. Of this fee, £12m will be paid upon completion of the takeover and £6m in September 2019.
The Mandalay portfolio, which includes Costa Bingo, City Bingo and Sing Bingo, will now function on a B2C basis and was previously under the control of the JPJ Group.
Itai Pazner, 888 CEO, said: "The group continues to deliver its stated strategy of expanding across global regulated markets. This expansion is underpinned by organic growth initiatives supported by exploring value-enhancing M & A.
"We are pleased to announce the acquisition of this portfolio of brands, which includes the well-established Costa Bingo.
"We are confident consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888’s core capabilities in product, marketing and customer relationship management to their operations."
Pazner recently spoke at length with Gambling Insider about 888’s strategy, following his appointment to succeed Itai Frieberger.