888 Holdings, the online poker and casino group, has thought of buying Wink Bingo for £60 million. Wink Bingo, which runs several online bingo networks including Wink Bingo, Posh Bingo and Bingo Fabulous. Wink was launched in early 2008 and generated revenues of £15 million in 11 months.
A base price of £11 million in addition to a sum based on next year's earnings will be paid by the company to its rival company. This step is being taken by the firm to expand itself in the UK market.
"We are delighted to announce the Wink Bingo acquisition as an expansion of our B2C online Bingo footprint in the lucrative UK market", said 888 Chief Gigi Levy. "The transaction is financially attractive and will be earnings enhancing".
The deal is dependent upon, and waiting for, the required consents which will soon make the two companies join hands.