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PartyGaming Plc (BPTY)

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Thursday 23 July, 2009

PartyGaming Plc

Acquisition

RNS Number : 1335W
PartyGaming Plc
23 July 2009
 



23 July 2009



PartyGaming Plc

('PartyGaming' or 'the Company')


Online Bingo Acquisition


Highlights


  • PartyGaming has acquired the entire issued share capital of Cashcade Limited ('Cashcade') for an initial payment of £71.9in cash with up to a further £24.0m in cash contingent on, inter alia, future profit performance. Cashcade has been acquired on a debt-free/cash-free basis
  • Cashcade owns some of the UK's leading online bingo websites including Foxy Bingo, Think Bingo and Bingo Scotland as well as casino sites such as GetMinted and Foxy Flutter
  • The acquisition is expected to be earnings enhancing, pre-amortisation of intangibles, in 2009
  • In the year ended 31 December 2008, Cashcade generated net revenue of £44.9m (2007: £28.5m) and earnings before interest, tax, depreciation and amortisation ('EBITDA') of £12.2m (2007: £4.9m) implying an acquisition multiple of 5.9 times 2008 EBITDA  
  • The acquisition is being financed from existing cash resources   
  • Cashcade's skills and experience will boost PartyGaming's existing bingo activities


Commenting on today's announcement, Jim Ryan, PartyGaming Chief Executive Officer, said:


'Cashcade provides us with an excellent platform to build a meaningful share of the $1.5 billion global online bingo market.  Our M&A objective is to acquire companies that can put us into a top three position in each of our four product verticals and deliver substantial revenue and cost synergies. Our longer-term strategic objective is to become the market-leader in online poker, casino, sports and bingo.'


Patrick Southon, Cashcade's Managing Director, said:


'This is a very exciting day for Cashcade and we are delighted to join the PartyGaming organisation. We believe there is a substantial opportunity to leverage our existing business now that we are part of the world's leading online gaming company.'


Contacts:

PartyGaming Plc

+44 (0) 207 337 0100

Peter Reynolds, Group Director of Corporate Affairs

John Shepherd, Director of Corporate Communications 



Conference call: 23 July 2009

For analysts and investors there will be an opportunity to put questions to Jim Ryan, Chief Executive Officer, and Martin Weigold, Group Finance Directorby way of a conference call later today. The details of the call are as follows:

 

09.20 am BST

Please call +44 (0) 20 8609 3822 (UK)

09.30 am BST

Conference call starts

 7 Day Playback

Access Number

+44(0)20 8609 0289

Conference Reference

268759#


  Acquisition of Cashcade Limited ('Cashcade')


PartyGaming, the world's leading listed online gaming company, announces the acquisition of 100% of the issued and to be issued share capital of Cashcade ('the Acquisition') for a cash consideration of £71.9m with deferred consideration of up to £24.0m in cash depending, inter alia, upon future profit performance. The Acquisition, which has been made on a debt-free/cash free basis, is in line with the Group's stated strategy and will position the Group as a major player in the $1.5 billion per annum global online bingo market


About Cashcade


Cashcade, which has been advised by Jefferies, is a leading UK-based online marketing business specialising in bingo and casino games. As at 31 January 2009, Cashcade's websites had approximately 2.2 million registered players and over 460,000 cumulative active players.  Its core owned bingo websites include Foxy Bingo, Think Bingo, Cheeky Bingo and Bingo Scotland Core owned casino websites include GetMinted and Foxy Flutter.  Cashcade also supports the branded bingo and casino websites of three media organisations - Trinity Mirror plcSTV Group plc and Emap plc 


Under UK GAAP in the year ended 31 December 2008, Cashcade generated net revenue of £44.9m (2007: £28.5m) and EBITDA of £12.2m (2007: £4.9m). As at 31 December 2008, Cashcade had gross assets of £21.7m.  


Led by Patrick Southon, Managing Director, and Simon Collins, Commercial Director, who together founded the business and will join the PartyGaming Group, Cashcade's primary focus has been branding, marketing and promoting the online bingo and casino websites, providing content and offering customer support.  The software for Cashcade's owned and managed online gaming sites is provided by 888 Holdings and WagerWorks.  


Terms of acquisition


The initial consideration payable by PartyGaming, through a designated subsidiary, is £71.9m. This was satisfied by a cash payment funded from the Group's existing cash resources.  Cashcade has been acquired on a debt-free/cash-free basis implying an acquisition multiple of 5.9 times 2008 EBITDA.


Deferred consideration of up to £24.0m in cash will become payable if certain profit targets are met as follows:


  • a further £15.0m will become payable to Cashcade shareholders in March 2010 if the EBITDA of Cashcade in the 2009 calendar year equals or exceeds £15.0m. Failure to meet the £15.0m target will result in a downwards adjustment in the amount payable on a straight-line basis with no payment being made if EBITDA in 2009 is equal to or less than £12.0m.

  • a further £9.0m will become payable in March 2011 if the EBITDA of Cashcade in the 2010 calendar year equals or exceeds £19.0m. Failure to meet the £19.0m target will result in a downwards adjustment in the amount payable on a straight-line basis with no payment being made if EBITDA in 2010 is equal to or less than £15.0m.


It is expected that the Acquisition will be earnings enhancing in the first year before associated amortisation of intangibles.


About PartyGaming Plc


PartyGaming Plc is the world's leading listed online gaming company. The Group is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2008, PartyGaming's continuing operations generated revenues of $472.9m and Clean EBITDA of $144.2m. PartyGaming's principal brands are PartyPoker.com, one of the world's largest online poker rooms, EmpirePoker.com, PartyCasino.com, PartyBingo.com, PartyGammon.com, PartyBets.com, PartyMarkets.com and Gamebookers.com. None of the Group's sites accept real money customers located in the US. PartyGaming is regulated and licensed by the Government of Gibraltar and by the Alderney Gambling Control Commission and is certified by GamCare as a responsible gaming operator. For more information, please visit www.partygaming.com.



This information is provided by RNS
The company news service from the London Stock Exchange
 
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