Network Operator Chelbis Acquired by Contagious Gaming for $3.5 Million

Network Operator Chelbis Acquired by Contagious Gaming for $3.5 Million

Written by: Emilija Zivulovic on 10/12/2014 15:20

An important acquisition took place this week, when Contagious Gaming agreed a deal with the UK online bingo provider Chelbis, acquiring the company for around $3.5 million. Contagious Gaming was pleased to announce their agreement to acquire all of the issued and outstanding securities of Chelbis Company Ltd. The Toronto-based Contagious will pay the purchase price through a combination of common shares of Contagious Gaming and cash.

Chelbis owns and operates well established and successful websites such as House of Bingo, Gone Bingo, and Harrys Bingoas as well as bingo networks Best Bingo Network, Super Bingo Network and Fun Bingo Network. The company was established in Malta in 2007 and since then it had 99% of its revenues generated from the UK.

Peter Glancy, CEO and director of Contagious Games, said: “The Acquisition of Chelbis is expected to be materially accretive, diversifying our revenue streams, providing consistent cash flow and allowing us to capitalize on synergies which should ultimately increase margins and reduce costs.” He added: “We look forward to completing the Acquisition of Chelbis and welcoming them as Contagious Gaming shareholders.”

Madhu Avalur, chief executive officer of Chelbis, added: “We look forward to completing the acquisition and joining the Contagious Gaming team where we will be able to leverage our resources and create synergies to drive value for shareholders.” 

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