The acquisition deal will introduce some important changes at the company’s organizational levels, leading to higher earnings, improved efficiency, and better quality products.
JPJ Group Plc., a company listed on the London Stock Exchange, has announced a £490 million deal, which should see the group become sole owners of Gamesys Limited, their operating partner. With the completion of the transaction, JPJ Group will acquire all Gamesys platforms as well as their entire range of brands, which encompasses Monopoly Casino, Virgin Casino, Heart Bingo, and Virgin Games.
New Group With Old CEO
According to the details of this deal, JPJ will put forward £250 million in cash, purchasing all Gamesys assets. An additional £175 million will be added to debt facilities of the new and enlarged group, which will be operating under a new name, Gamesys Group Plc. The total amount of the transaction is more than seven times adjusted EBITDA of company’s assets according to the evaluation for the 12-month period that concluded in December 2018.
Although operating under the new name, the company will likely move forward with the current CEO Lee Fenton. Mr. Fenton should take over the leadership of the new company, appointed the CEO of the newly-formed, restructured group.
Important Changes for All Parties
Neil Goulden will take over the leadership of the group at the highest level as Executive Chairman. In his words, this acquisition is a very important transformation, which stands to provide benefits for shareholders, company employees, and end-customers alike. With expected increase in earnings, enhanced technological capabilities, and stronger product development, the new Group should excel in all important aspects.
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