Rank ups Spanish profile with €21 million YoBingo.es acquisition

John O’Reilly – Rank Group Plc

Rank Group Plc has today confirmed that it has moved to acquire Spanish online bingo operator YoBingo.es for an ‘initial consideration’ of €21 million cash.

The acquisition sees Rank ‘deepen its commitment’ to the Spanish online gambling market, in which it currently operates its EnRacha online casino and games brand.

Operated by QSB Gaming, YoBingo maintains a ‘top two presence’ within the Spanish online bingo sector, holding 30% market share. For its 2017 corporate performance, the asset generated €10 million revenues and an EBIT of €2.5 million.

Updating investors, Rank governance details that it has acquired all QSB Gaming properties outright, undertaking its initial €21 million transactions.

Furthermore, the London listed gambling group has added a number of ‘future performance’ related earn-outs the transaction, increasing YoBingo’s deal valuation to €52 million cash.

Confirming the acquisition, new Rank Group Plc Chief Executive John O’Reilly, commented:

“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.”

Check Also

Spelinspektionen offers new guidance on virtual sports content

Responding to licensee queries, Swedish gambling inspectorate Spelinspektionen has issued new guidance for virtual sports …

AGA urges White House to intervene over Paycheck Protection Program

A letter addressing the Paycheck Protection Program’s (PPP) Interim Final Rules released by the Small …

GiG completes B2C unit offload to Betsson 

Gaming Innovation Group (GiG) has maintained its 2020 corporate agenda, confirming that it intends to …