Jackpotjoy, the Gibralter-based online bingo operator, has released the last and final earn-out payment for its Spanish business Botemania. With this payout, the total cost of acquisition has become £63.5m.
The Jackpotjoy segment – which includes Jackpotjoy, Starspins and Botemania brands – was bought from Gamesys in about three years ago. It was decided then that the further earn-out payments would depend on future success of the business. The earn-out payments for the Jackpotjoy and Starspins brands were made in June 2017.
Two small final milestone payments of no more than £10m in aggregate will be made, should the Jackpotjoy brands attain specific EBIT targets for the year between March 2019 and March 2020.
Neil Goulden, executive chairman of Jackpotjoy plc, said: “I am pleased that Jackpotjoy Group has paid the final instalment relating to the earn-out of our Spanish business, Botemania, which has performed strongly since it was acquired in 2015.”
“The earn-out payment has been made comfortably from existing cash resources, highlighting our strong free cashflow generation and the strength of our balance sheet.”
Source: InterGameOnline
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