888 leads race to acquire Cashcade
888 Holdings, the leading online gaming company in the UK is leading the acquisition race for Cashcade, the premier operator for online bingo software.
Cashcade is partly owned by Independent News & Media and many companies are believed to have inquired about a possible acquisition. Gaming companies such as PartyGaming have looked into the possibility of buying the online bingo operator but 888 Holdings is speculated to be the frontrunner for the acquisition.
Earlier this month, Cashcade, the owner of popular online bingo site Foxy Bingo hired investment bank Jefferies to look for a buyer for all or part of its gaming business. The 888 Holdings chief executive, Gigi Levy is believed to have held talks with the directors of Cashcade but it is still unclear is any deal has been finalised or not.
According to documents filed at Companies House, Cashcade has more than doubled its pre-tax profits in the gaming industry to £10.9 million after registering a 91% increase in revenues to £33.7 million. A sale of the online bingo company is expected to cost anywhere between £70 million and £100 million and will mark the fist step in a much- anticipated consolidation spree in the UK online gaming industry.
