Beach Point Capital Management, an investment firm specializing in private credit, recently supplied funding to Broadway Gaming Group for their purchase of 888 Holdings’ bingo division. Broadway Gaming, a top online bingo operator, will utilize this acquisition to broaden its footprint in the British market.
888, a publicly listed betting and gaming enterprise, finalized the sale of its B2C and B2B bingo operations to Broadway Gaming for $45.2 million in July 2022. The transaction was funded through a blend of existing cash reserves and debt financing secured from Beach Point Capital.
This business combination unites two prominent entities in the online bingo sector, establishing a powerful contender within the UK market. The merged company will possess a robust foundation for expansion, boasting a substantial customer base and a diverse portfolio of popular bingo games.
In the face of pandemic-related challenges, the business remained solvent, supported by the resumption of in-person shopping and robust outcomes in several regulated global markets.
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