Sunday, July 19, 2009

PartyGaming close to 100 mln stg bingo buy-source

LONDON, July 19 - Online gaming group PartyGaming is close to announcing a 100 million-pound ($163.1 million) deal to buy Cashcade, owner of the foxybingo.com Web site, a source familiar with the matter said on Sunday.

The source, confirming a story in the Sunday Times newspaper, said PartyGaming was likely to pay an initial sum of around 75 million pounds followed by a further 25 million depending on the performance of Cashcade in 2009 and 2010.

PartyGaming declined to comment.

The deal would be a boost for indebted newspaper publisher Independent News & Media), which owns a near-20 percent stake in Cashcade and is looking to sell assets to raise money.

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