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Sun, Oct

888 Holding Group Purchases Wink Bingo

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The London trading 888 Holding group is set to acquire Wink Bingo for an initial 11.1 million pounds in cash and earn out payments up to a maximum sum of almost 60 million pounds to be paid out according to the performance of the site over the next year.

888 Holdings is attempting to strengthen their presence in the market by purchasing the Daub Limited owned Wink Bingo that incorporates top brands in the industry including Posh Bingo and Bingo Fabulous.

"The acquisition of Wink Bingo for an initial 11 million pounds looks to be a strategically sound deal," says analyst Nick Batram, who has a "buy" rating on the stock. "Wink is already a member of the group's B2B bingo platform and this secures a not insignificant revenue stream going forward."

Gigi Levy, Chief Executive Officer of 888 Holdings stated that they are thrilled to announce the acquisition of Wink Bingo as an expansion of their B2C online bingo step in the booming UK market.  "The Wink team has a proven track record of excellence in marketing, CRM and execution and will be a great addition to our growing bingo business. In addition the transaction is financially attractive and will be earnings enhanced."

Wink Bingo will in future operate on the lucrative Dragonfish bingo network.