Jackpotjoy makes final earn-out payment for Botemania
Jackpotjoy has completed a final earn-out payment of £63.5m (€72.4m/$84.1m) for Botemania.
Acquired from Gamesys in April 2015, Botemania now operates as Jackpotjoy’s Spanish business within its division.
Botemania was purchased alongside both the Jackpotjoy and Starspins segments, although earn-out payments for the other brands were completed in June 2017.
Jackpotjoy said the latest payment represents the final instalment for Botemania brand and the amount was “comfortably met by existing cash resources”.
However, Jackpotjoy could make two small final milestone payments of no more than £10m in aggregate, should the Jackpotjoy brands attain certain EBIT targets for the 12 months ending March 2019 and March 2020.
Neil Goulden, executive chairman of Jackpotjoy, said: “I am pleased that Jackpotjoy Group has paid the final instalment relating to the earn-out of our Spanish business, Botemania, which has performed strongly since it was acquired in 2015.
“The earn-out payment has been made comfortably from existing cash resources, highlighting our strong free cashflow generation and the strength of our balance sheet.”
Related article: Revenue up and losses shrink at Jackpotjoy in Q1