London AIM-listed Gaming Realms Plc has confirmed that it will sell 70% of its UK B2C division to Norwegian online gambling investment firm River iGaming for £23 million consideration.
Confirming the transaction, Gaming Realms governance is set to divest its B2C brands of Spin Genie, Pocket Fruity and the ITV syndicated Britain’s Got Talent and XFactor Games.
Updating investors, Gaming Realms will maintain its flagship brand of Slingo.com and its associated properties.
Detailing the terms of the transaction, Gaming Realms secures a minimum payment of £8.4 million combined with a further cash payment of £14.7 million executed on an earn-out basis.
Should the deal be accepted by investors, Gaming Realms B2C division will continue to operate its divested assets for River iGaming’s upcoming UK property of River Casino Limited until 30 June 2020.
“We believe 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,” detailed Gaming Realms Chief Executive Patrick Southon
Moving forward, Gaming Realms governance will use B2C proceeds to further develop new gaming content and the platform capabilities of its B2B division.