888 Holdings plc, widely known as 888.com, has announced today the acquisition of the online bingo business of Globalcom Limited (Bingo Business) for up to $43.4 million in cash, adding that the deal would enhance earnings immediately.

Apart from their own network of 45 online bingo sites or "skins", Globalcom provides bingo solutions to business partners operating their own networks and other third party sites. These include some of the most prominent in the UK such as mirrorbingo.com and foxybingo.com which are operated and owned by Cashcade Ltd, an UK online gaming company.

In addition to cross-selling opportunities and expansion of its product offering the acquisition extends 888's capabilities as a provider of gaming entertainment solutions to its business partners.

Commenting on the acquisition, Gigi Levy, Chief Executive Officer of 888, said: "The acquisition of the Bingo Business (Globalcom) is an important step forward in delivering our strategy of diversifying our product offering and meeting our customer's needs. The Bingo Business is a well established market leader, highly cash generative and profitable business with proven scalable proprietary software. Bingo will be a valuable addition to our entertainment services, which we expect to provide excellent cross-selling opportunities for our expanding base of customers worldwide."