Rank confirms acquisition of YoBingo owner
The Rank Group has acquired the entire issued share capital of QSB Gaming Limited, owner of Spanish digital bingo business YoBingo.es.
The initial consideration will amount to €21m ($24.7m), but subject to future performance, this purchase price could reach up to €52m.
Rank said that the deal will allow it to secure a “strong digital bingo and casino presence in Spain”, as well as provide the brand with strong national recognition in the country.
The firm also said the acquisition will accelerate the multi-channel strategy of its established Spanish brand ‘Enracha’ and deepen its commitment to the market.
John O’Reilly, chief executive of Rank, said: “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.”
Reflecting on the news, Regulus Partners said in a note that Yo had leveraged its more than 30% estimated market share in online bingo into slots, and represented "an attractive bolt-on for Rank, by "improving online mix, overall growth and regulated international market exposure, while remaining within core gaming competence and potentially being able to leverage Spanish omni-channel".
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