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Online gaming group Intertain has confirmed that it is set to complete a takeover of a selection of B2C assets owned by Gibraltar-based casino operator firm Gamesys.

The deal will require Intertain to submit an initial payment of $651 million, equivalent to €569 million or £425.8 million, and that will see the group acquire a newly-formed Gamesys subsidiary firm that will include the operator’s Jackpotjoy products.

An estimated 13% of this initial payment will be funded through Gamesys being issued with $87 million worth of shareholdings owned by Intertain. An additional structure of payments worth up to $23 million will then be potentially paid out over the following three years.

Chief Executive of Intertain John Fitzgerald said “Our stated vision is to focus on the female demographic, in regulated markets. This acquisition is consistent with this vision. We feel privileged to be inheriting this strong community of players.”

Fitzgerald added “We have not only acquired the leading online, bingo-led business, but we are also entering into a long-term relationship with one of the most well respected, technology and gaming operators, Gamesys.”

Founder and Managing Director of Gamesys Noel Hayden stated “Gamesys and Intertain are a perfect match. From our earliest discussions we shared their vision which we know is critical to a successful long-term partnership. This is a great deal for Intertain and Gamesys, our shareholders, our employees and our players.”

The takeover, that was initially covered by Gamingslots when the news first broke back in December 2014, is expected to be completed in March of this year with both boards of directors having already approved the deal.