Gaming Realms has announced the sale of 70 percent of its UK online casino to Norwegian firm River UK Casino for £23.1 million.
River UK Casino has entered into a five-year B2B platform and content deal with the company expecting that Gaming Realms brands will generate £1m in annual revenue for the group
A subsidiary of River iGaming, the deal gives the company Gaming Realms brands including Pocket Fruity, Spin Genie, Britain’s Got Talent Games, X Factor Games and associated businesses. Gaming Realms retains Slingo.com and associated brands.
The deal includes a minimum cash payment of £8.4 million, of which £4.2m is payable on completion and £4.2m concurrent with the earn out payment. It also includes a further maximum cash payment of £14.7m on an earn-out basis, payable no later than August 31, 2019.
“We are delighted to announce this agreement with River iGaming,” said Patrick Southon, CEO of Gaming Realms in a press release. “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.”
