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888 To Buy Portfolio Of Jet's Online Bingo Brands For GBP 18 Mln - Quick Facts

888 Holdings PLC (888.L), an online gaming entertainment and solutions company, Tuesday announced the agreement to acquire a portfolio of successful Bingo brands, including Costa Bingo.

The company's subsidiary, Brigend Limited, signed an agreement for the acquisition of certain assets of Jet Management Group Limited and Jet Media Limited for 18 million pounds.

The consideration will be satisfied all in cash, with 12 million pounds being paid to Jet upon closing of the acquisition and the remainder of 6 million pounds to be paid in September 2019.

Jet is part of the group of companies headed by JPJ Group plc, which owns the Jackpotjoy brands.

Jet has been a partner of Dragonfish, the Group's B2B Bingo division, since 2009. Jet's online bingo brands previously operated as business-to-business or B2B brands on 888's Dragonfish Bingo Platform. Going forward, 888 will operate these on a business-to-customer or B2C basis.

888 said the acquisition further strengthens its position in the UK online bingo market and enables the Group to take full marketing control of a number of additional bingo brands.

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 UK online bingo market.

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