LONDON, UNITED KINGDOM--(Marketwired - Jun 22, 2017) - Jackpotjoy plc (
FINAL EARN-OUT PAYMENT MADE FOR JACKPOTJOY AND STARSPINS BRANDS
London (UK) 22 June 2017 - Jackpotjoy plc (
The Jackpotjoy division, which includes the Jackpotjoy, Starspins and Botemania brands, was acquired from Gamesys Limited in April 2015 for an initial purchase price of approximately £425.8 million and earn-out payments dependent on the future operating success of the business. The payment of £94.2m which has been made today is the final instalment in relation to the Jackpotjoy and Starspins brands and also includes £30.3m due on the earn-out for the Spanish brand, Botemania. A final payment for Botemania - which is also expected to be met from cash resources - will be made in June 2018 and had a balance sheet value of £31.1m at 31 March 2017.
Jackpotjoy plc CEO, Andrew McIver, said: "Today's final payment of the earn-out on the non-Spanish brands of the Jackpotjoy division is another important milestone for the Jackpotjoy group, following our move to the London Stock Exchange earlier this year. The Jackpotjoy division is the largest of our three operating companies and the total consideration paid for the non-Spanish assets represents an EBIT multiple of 7.5x for the 12 months to 31 March 2017. We believe this represents excellent shareholder value for the UK's market leader in the online bingo-led vertical. Meanwhile, the 14% growth in revenue which the Jackpotjoy division delivered during Q1 highlights the sustained momentum in growth."
About Jackpotjoy plc
Jackpotjoy plc is the parent company of an online gaming group that provides entertainment to a global consumer base through its subsidiaries. Jackpotjoy plc currently offers bingo and casino games to its customers through its subsidiaries using the InterCasino (www.intercasino.com), Costa (www.costabingo.com), Vera&John (www.verajohn.com), Jackpotjoy (www.jackpotjoy.com), Starspins (www.starspins.com) and Botemania (www.botemania.es) brands. For more information about Jackpotjoy plc, please visit www.jackpotjoyplc.com.
Jason Holden, Director of Investor Relations
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Amanda Brewer, Vice President of Corporate Communications
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