18th Jun 2018 13:26
LONDON (Alliance News) - Jackpotjoy PLC on Friday said it made the final earn-out payment for its Spanish division Botemania, totalling GBP63.5 million in cash.
The online bingo-led operator said its Spanish business operates the Jackpotjoy, Starspins and Botemania brands. It was acquired in April 2015 from Gamesys Ltd with further earn-out payments dependent on the future operating success of the business.
Looking ahead, Jackpotjoy said it may make two small final milestone payments of no more than GBP10 million if the Spanish unit achieves agreed earnings before interest and taxes targets for the 12 months to the end of March 2019 and 2020.
"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," said Executive Chairman Neil Goulden.
"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," added Goulden.
Jackpotjoy shares were trading flat on Monday at 853.16 pence.
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