Foxy gets in on the Party

After speculation, rumour and a many hours of debate we can officially tell you that Foxy gets in on the Party as Cashcade agree at sale to PartyGaming. Originally many people in the industry believed the it would be 888 that secured the acquisition but last night the sale was agreed to PartyGaming for an impressive £95.9 million. Although Cashcade won’t see the full amount as a first payment they will be banking £71.9 million and providing they continue to perform well then the remaining balance will follow later.

Cashcade are the name behind numerous popular online bingo brands and over the last couple of years we have seen they biggest brand, Foxy Bingo, grow in leaps and bounds with an impressive marketing campaign in June this year. Foxy Bingo is probably the best known of online bingo sites but others under the CashCade hat include the new LittleBig Bingo, the made over KissMyBingo and of course, Think Bingo.

Mirror Bingo, STV Bingo, WeLuvBingo are all sites powered by Cashcade and the 888Holdings bingo software.

The official news broke this morning of the Cashcade sale to PartyGaming and we could be seeing a huge shift in the market now. The acquisition of Cashcade is the first by PartyGaming since having to pay the US Department of Justice a massive $105 million in fines over three years back in April this year. Prior to the actual agreement PartyGaming had been in negotiations with the US department for two years and had restricted the company from making any deals. As soon as the settlement was agreed shares in PartyGaming rose by 16% immediately!

Foxy gets in on the Party!

23rd July 2009