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Friday 5th May 2006
The recently merged Spin Palace-Piggs Casino group has been taken over by London listed company Fairground Gaming Holdings plc for a $66 million consideration. Trading of the shares on the London AIM was suspended as the deal went through.
Directors of Fairground Gaming have disclosed that the company has entered into a conditional purchase agreement to acquire all of the online gaming businesses and subsidiaries, which collectively form The Spin Palace Group from Roundit Limited, for a maximum consideration of US$66 million.
Evan Hoff, Chief Executive of Fairground Gaming, said, “The Spin Palace Group will be the cornerstone in the execution of Fairground Gaming’s consolidation strategy. Both Spin Palace and Piggs Casino are well managed and cash generative businesses and, combined, we believe they have the potential to be scaled upwards to enhance future revenues of the Company.”
Highlights of the deal include:
* The Acquisition is the first by Fairground Gaming since admission to AIM in October 2005, is in line with the Company’s strategy and is conditional on re-admission to trading of the enlarged issued share capital.
* The Spin Palace Group comprises two recently combined businesses, Spin Palace and Piggs Casino, and is a licensed online casino and poker group offering over 200 different games to a global customer base.
* The technology platform of the Acquisition is underpinned by Microgaming considered by the Fairground directors to be the leading provider of software to online casinos.
Source: OnlineCasinoNews
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