Online gaming operator Stride Gaming has announced a conditional agreement to acquire certain assets of Tarco Limited, the entire issued share capital of Netboost Media Limited, a marketing business which services the Tarco Assets, and the entire issued share capital of 8Ball Games Limited.
The acquisitions will be funded in part by a conditional placing on a non pre-emptive basis of shares in Stride Gaming at a price of 225 pence per placing share, raising gross proceeds of £27m.
According to Stride Gaming, the acquisitions will increase the firm’s market share of the UK bingo market from 5 percent to 10 percent, making Stride the fourth largest online bingo operator in the UK.
The company also predict that expanding brand offerings from 96 to 105 will increase its share of the UK online bingo landscape from 2 percent to over 25 percent by number of bingo sites.
Stride Gaming said the expansion will bring significant scale and a number of successful bingo brands to Stride Gaming’s business, together with the opportunity for meaningful operational leverage.