Intertain's takeover of Gamesys brands to complete next month
Toronto-based firm says key management and shareholders in Vera&John have acquired a number of Intertain shares to help fund the deal
The Intertain Group’s £425m deal to acquire Gamesys’ Jackpotjoy, Botemania, and Starspins brands is set to complete on 6 April 2015 with existing shareholders and senior management purchasing a number of shares as part of the deal, the firm announced today.
Intertain announced that as part of the transaction, CEO John FitzGerald (pictured) and two members of the company’s board purchased 106,700 common shares of the firm in March, while senior management and certain board members purchased 916,846 subscription receipts to help fund the deal.
“Senior management and the board have taken the opportunity to reaffirm their belief in Intertain’s vision and long-term strategy,” Intertain CEO John FitzGerald, said.
“With the completion of the Jackpotjoy acquisition, Intertain will continue to build long-term shareholder value,” he added.
In the update, Intertain said the principal shareholders in Vera&John – the operator it acquired for up to 89m back in October – had also purchased 600,000 subscription receipts of the company, and had been awarded 2.6m Intertain shares.
As a part of the deal, the principal shareholders in Gamesys will be awarded 2.4m Intertain shares, while founder and MD Noel Hayden will also join the Intertain board of directors.
The acquisition of Jackpotjoy marks Intertain’s arrival as one of the industry’s power players, a little over a year after the firm listed on the Toronto Stock Exchange.