There may be a twenty percent stake in Foxy Bingo up for sale. One of the investors in the online bingo site said that they were interested in selling their assets.
The Independent News & Media plc said that it was looking to sell off assets in an effort to meet a £200 million payment that was due to be paid later in the year. This is the largest publisher in Ireland and also the owner of the Independent paper in the UK.
To meet the payment, the sale of Independent News & Media’s stake in APN News and Media which is an Australian media company was also sanctioned.
There were other assets also put up for sale by INM in this effort to meet their payment. The stake in Cashcade, which is the owner of Foxy Bingo, Think Bingo and Bingo Scotland, their stake in Verivox, which is a price comparison site located in Germany and an advertising group in Africa.
INM is seeking alternatives to their current strategy to put them in a more free flowing cash situation. The effort to raise capital with these asset sales is a part of that overall strategy.
There has been significant interest in Cashcade from a variety of companies in the last year. In fact, 888.com were within days of striking a deal when their lending fell through due to the credit crunch in the economy.
Some of the other investors in Cashcade include Michael Buckley, chairman of the company, Michael Tabor, investor and former bookmaker and Dermot Desmond, Irish billionaire. Twenty percent of the business is owned by the management team of Cashcade.
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