The Rank Group has acquired Spanish online bingo firm QSB Gaming for a cost that could rise to €52m.
The company’s board announced the deal this morning, which sees Rank take on the owner of YoBingo.es for an initial payment of €21m, with the remainder subject to performance.
Rank say that the strategy behind the swoop lies in securing a strong digital presence in the high-growth Spanish regulated market, giving the company a brand that boasts strong recognition within the country.
In 2017, QSB and its subsidiaries generated revenue and EBIT of €10.4m and €2.5m respectively.
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.”
