888 acquires Costa Bingo

(PRESS RELEASE) -- 888, one of the world’s leading online gaming entertainment and solutions providers, announces the signing of an agreement by its wholly owned subsidiary, Brigend Limited, for the acquisition of certain assets of Jet Management Group Limited and Jet Media Limited for consideration of £18 million. Jet is part of the group of companies headed by JPJ Group plc, which owns the Jackpotjoy brands.

Consolidating its position as one of the leading bingo operators in the U.K., 888 has acquired a portfolio of Jet’s online bingo brands, which previously operated as business-to-business (‘B2B’) brands on 888’s Dragonfish Bingo Platform. Going forward, 888 will operate these on a business-to-customer (“B2C”) basis.

Jet has been a partner of Dragonfish, the Group’s B2B Bingo division, since 2009 with brands including Costa Bingo, City Bingo and Sing Bingo. The acquisition will give the Group full control of these successful brands from a marketing perspective to support and further strengthen the Group’s position in the U.K. online bingo market.

Itai Pazner, Chief Executive Officer of 888, commented, “The Group continues to deliver its stated strategy of expanding across global regulated markets. This expansion is underpinned by organic growth initiatives supported by exploring value-enhancing M&A."

“We are pleased to announce the acquisition of this portfolio of brands which includes the well-established Costa Bingo. Having been developed on Dragonfish, the Group’s first-class B2B platform, we are confident that consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888’s core capabilities in product, marketing and customer relationship management to their operations.”