Online bingo-led operator JPJ Group has completed the sale of its Mandalay operating business to a subsidiary of 888 Holdings for £18m, the company has confirmed.

A total of £12m of the cash consideration has been received by the group on completion, with the remaining £6m to be paid in September 2019.

The deal, which incorporates the Costa Bingo brand, strengthens 888’s position in the UK online bingo market.

Chief executive Itai Pazner stated last month: “The group continues to deliver its stated strategy of expanding across global regulated markets.

“Having been developed on Dragonfish, the group’s first-class B2B platform, we are confident that consolidating these brands into our existing B2C portfolio will deliver synergies and growth opportunities by applying the full extent of 888’s core capabilities in product, marketing and customer relationship management to their operations.”