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JPJ Group moves on enlargement by acquiring Gamesys for £490 million

first_img The governance of London-listed JPJ Group Plc has this morning confirmed that it has reached a ‘conditional arrangement’ to acquire operating partner Gamesys Limited outright.JPJ has put forward a £490 million transaction, moving to acquire Gamesys platforms and the operated brands of Virgin Games, Virgin Casino, Monopoly Casino, and Heart Bingo.Founded in 2001, Gamesys is the former operating company of JackpotJoy brands, a division sold to former Canadian igaming group Intertain for £430 million in 2015.Following a wholesale corporate reorganisation in 2017, which would see Intertain migrate its listings and holdings onto the London Stock Exchange, a new executive formed JackpotJoy Plc – later renamed as JPJ Group.In its filing, JPJ informs that it will pay £250 million in cash for Gamesys assets (excluding sports betting properties), with a further £175 million contribution added to an enlarged and renamed ‘Gamesys Group Plc’ debt facilities.The transaction represents an estimated multiple of 7.3x adjusted EBITDA for Gamesys assets for the 12 months ending December 2018.Lee Fenton – GamesysShould the acquisition be finalised, a new leadership team will be formed from JPJ and Gamesys executives, with current Gamesys CEO Lee Fenton appointed as Gamesys Group Chief Executive.“I am very excited to join the Enlarged Group as CEO,” said Fenton. “This is a strategically important transaction that adds scale and combines complementary capabilities as the competitive and regulatory environment continues to evolve. The Enlarged Group’s combined brand portfolio, strategically aligned operating structure, technology capabilities and exceptional combined talent base will create significant opportunities for growth in the market.”Fenton will be supported by Robeson Reeves as Group COO and Keith Laslop as Group CFO. Current JPJ Chief Executive Simon Wykes will assume the role of ‘Transition Director’ for a 12-month period following the transaction.Neil Goulden – JPJ GroupAt a governance level, an enlarged Gamesys Group will be led by Neil Goulden as Executive Chairman.“This Acquisition marks an important transformational step in JPJ’s growth, providing significant benefits for shareholders, employees and customers,” said Goulden. “For shareholders, we expect the acquisition to deliver earnings accretion in the first full financial year of ownership, while our employees will benefit from the combination of two companies with a strong commitment to responsible gaming and where the greater scale will further enhance our product development and technology capabilities.“The rationale for the acquisition of Gamesys is based on growth and both teams – at JPJ and our new colleagues joining us from Gamesys – are excited and motivated by the great opportunity which lies ahead.” Share Submit Gamesys halts UK advertising during lockdown April 23, 2020 Related Articles StumbleUpon Enlarged Gamesys returns to UK growth eyeing FTSE250 spot  March 17, 2020 Gamesys maintains UK growth as Euro regulatory headwinds stall performance August 11, 2020 Sharelast_img read more

Visa setback puts garden at risk

first_imgSAN MARINO – An ambitious plan to build a sprawling, classical Chinese garden at the renowned Huntington Library is in jeopardy because U.S. immigration officials have denied visas to 13 Chinese stonemasons needed to assemble ornate bridges and pavilions. The artisans were expected to arrive this month to help create the first phase of the 12-acre garden. But the U.S. government refused to grant the Q-1 visas in September because they didn’t consider the project an important cultural exchange program, prompting the Huntington to scramble to rearrange the construction schedule due to the artisans’ absence. “We’ll have to close the project if we can’t get them here,” said Steven Koblik, president of the Huntington Library, Art Collections and Botanical Gardens. A spokeswoman with the Citizenship and Immigration Services bureau declined to comment specifically on the stonemasons’ applications, citing privacy concerns. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECoach Doc Rivers a “fan” from way back of Jazz’s Jordan Clarkson “If a visa application is rejected, then it usually is because people don’t qualify for the visa for which they applied,” said bureau spokeswoman Marie Sebrechts. The Huntington’s case is an example of an ongoing problem U.S. cultural institutions face in trying to obtain travel visas for foreign artists since the Sept. 11, 2001, terrorist attacks. Applications for cultural, arts or sports visas have had to pass through more screening due to security concerns. Last year, 1,972 cultural exchange visas were approved, said Laura Tischler, a spokeswoman for the Bureau of Consular Affairs, a division of the State Department. Tischler said she did not know how many applications for the Q-1 visas were rejected, because in many instances the refusals are overturned. “Globally speaking, we issue well over 80 percent of the visa applications received,” she said. When the Portland Classical Chinese Garden underwent construction in 1999, up to 90 Chinese artisans came to Oregon to help build arching bridges and gateways, said the garden’s executive director, Gloria Lee. last_img read more