The Rank Group Plc Acquires QSB Gaming Limited
The Board of The Rank Group Plc ('Rank') is pleased to announce that Rank has acquired the entire issued share capital of QSB Gaming Limited ('QSB'), owner of YoBingo.es, a leading Spanish digital bingo business for an initial consideration of €21 million and, subject to future performance, up to a maximum consideration of €52 million in cash.
- Secures a strong digital bingo and casino presence in Spain, a high growth regulated digital gaming market;
- Top 2 online bingo operator in Spain with a greater than 30% bingo market share and over 5% slots market share;
- Provides Rank with a proprietary platform including online bingo, roulette and video bingo content for the Spanish market with strong potential to support other regulated markets;
- Provides a brand with strong national recognition in Spain;
- Accelerates the multi-channel strategy of Rank's established Spanish brand, Enracha; and
- Deepens Rank's commitment to the Spanish gaming market.
- For the year ended 31 December 2017, QSB and its subsidiaries (the 'YoBingo Group') generated revenue and EBIT of €10.4 million and €2.5 million respectively;
- Total purchase enterprise value of up to €52 million; and
- EPS accretive.
Commenting on the Acquisition, 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."