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.”