Sale of investment in Bingo.com Ltd and acquisition of Bingo.com domain and European real money gambling business
Unibet Group plc has, effective 31 December 2014, completed the disposal of its investment in shares in Bingo.com Ltd. At the same time, Unibet has completed the acquisition of the domain Bingo.com and the related European real money gambling business from Bingo.com Ltd.
Unibet will record a non-cash gain on the disposal of the results for the fourth quarter of 2014, due to be published on 11 February 2015. This will be treated as an item affecting comparability and will depend on the share of result of Bingo.com Ltd that is reported to Unibet for the fourth quarter.
Unibet has made a net payment to Bingo.com Ltd of USD 2 million in connection with these transactions (representing USD 8 million purchase price for the Bingo.com domain and European real money business less USD 6 million sale price for Unibet’s former investment in Bingo.com Ltd’s shares).
On 4 May 2010, Unibet acquired 15 million shares in Bingo.com Ltd for a cash consideration of USD 2.25 million (USD 0.15 per share). This investment has been accounted for as an associate (Unibet’s shareholding represented approximately 26 per cent ownership in Bingo.com Ltd in 2010, which has been reduced to approximately 21 per cent at the time of disposal as a result of further shares being issued).
At Unibet’s most recent reporting date of 30 September 2014, the carrying value of Unibet’s investment in Bingo.com Ltd was approximately GBP 1.1 million.
Between 2010 and 2014, the real money gambling business of Bingo.com has been operated as a white label by Unibet with 70 per cent of net revenues attributable to Bingo.com and 30 per cent to Unibet.
As a result of the above transactions, Unibet will have full control of the domain Bingo.com and the related real money gambling business, while Bingo.com Ltd will be able to focus fully on their social bingo business.
For more information:
Inga Lundberg, Investor Relations +44 788 799 6116
Unibet was founded in 1997 and is an online gambling company listed on NASDAQ OMX Stockholm. Unibet is one of the largest privately-owned gambling operators in the European market and provides services in 22 languages through www.unibet.com, www.unibet.dk, www.unibet.fr, www.unibet.it, www.unibet.be, www.unibet.ee, www.unibet.com.au, www.maria.com, www.mariacasino.ee and www.mariacasino.dk. Today, Unibet has 9,5 million customers in over 100 countries. Unibet is a member of the EGBA, European Gaming and Betting Association, RGA, Remote Gambling Association in theUK and is audited and certified by eCOGRA in relation to responsible and fair gaming.
More information about Unibet Group plc can be found on www.unibetgroupplc.com and twitter.com/UnibetGroup