The Rank Group buys YoBingo in USD 69 M deal
Maidenhead-based gambling giant The Rank Group has acquired a Spanish digital bingo business for a maximum consideration of USD 69 m. The company has snapped up the entire issued share capital of QSB Gaming, owner of YoBingo.es.
In the year ended 31 December 2017, QSB and its subsidiaries generated revenue and EBIT of USD 14 m and USD 3.35 m respectively. The Rank Group has paid an initial consideration of USD 28 m to QSB Gaming. The remainder will be paid subject to YoBingo's performance.
Rank chief executive John O'Reilly said: "The acquisition of the YoBingo Group expands Rank's digital footprint in Spain. Spain is an exciting high-growth regulated market which we believe offers strong multi-channel potential. The YoBingo Group is a well-established operation that we intend to further develop and to cross-sell into our established Spanish retail operations."
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