PartyGaming Plc Look to Acquire Cashcade

Tuesday June 16, 2009

The PartyGaming Plc has put themselves firmly in the running to acquire Cashcade Ltd, who is one of the leading forces in the ever growing online bingo and gaming market. It was reported by eGaming review, that according to a source the proposed takeover deal of the Cashcade group by PartyGaming could go through as quickly as next week, which will probably be a bit of a blow for 888.com has they have been after acquiring cashcade for some time.

If this deal goes ahead it will well and truly put PartyGaming at the forefront of online bingo gaming activities. They already have a successful online bingo site on the net 'Party Bingo' and along with this they own Party Poker, Party Casino etc.

888 Holdings Plc had reportedly had trouble getting backing from their bankers to raise the £70 to £100m pounds which is what Cashcade are looking for to buyout their company. PartyGaming on the other hand are thought to be cash ready for the deal to go through.

PartyGaming are due to help channel five launch their new online bingo site within the next six months and they have been the name behind other bingo sites on the net like Emmerdale and ITV Bingo and ITV Bingo Night Live.

This acquisition could somewhat monopolise the online bingo market in the favour of PartyGaming, as they will hold the key to some of the top UK bingo sites currently on the net, which include both Foxy Bingo and the new free online bingo sensation Cheeky Bingo.

INM own a 20% stake in Cashcade and they are looking for funds to repay outstanding depts. They had a clause in their shareholdings of Cashcade, which could force through a sale of their company if the need arose and that looks like this could be the case here.

You just never know if this reported deal between PartyGaming and Cashcade will actually go through because inevitably until something like this is signed sealed and delivered anything can happen. You never know 888.com might just pull a deal out of the bag at the last minute!

The wave of online bingo certainly looks like it will be turning in the not so distant future for Cashcade whatever the outcome of this latest proposed takeover, let's just hope this remains for the good of online bingo players.