Gaming Realms disposes of 70 percent stake in UK online casino
River UK Casino has entered into a five-year B2B platform and content deal in which the expectation is that Gaming Realms will generate £1m in annual revenue for the group.
A newly incorporated subsidiary of River iGaming, the buyer picks up Gaming Realms brands including Pocket Fruity, Spin Genie, Britain’s Got Talent Games, X Factor Games and associated businesses.
The cash consideration comprises a minimum payment of £8.4m – of which, £4.2m is payable on completion and £4.2m concurrent with the earnout payment –and a further maximum cash payment of £14.7m on an earn-out basis, payable no later than August 31, 2019.
Gaming Realms retains Slingo.com and associated brands.
Commenting on the proposed sale, Patrick Southon, CEO of Gaming Realms, said: "We are delighted to announce this agreement with River iGaming. We believe that this sale will be transformational for Gaming Realms as it will enable us to focus more of our resources on international licensing and the development of new gaming content, placing us in a stronger position to drive further profitable growth in the future.”
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