Gaming Realms sells real money gaming subsidiary

Business News

River Game Operations, a subsidiary of River iGaming, will acquire Bear Group. River Technologies will be granted a sole perpetual licence to the group’s real money gaming platform.

Under these agreements, which are conditional amongst other things upon shareholder and regulatory approval, the Company will sell the entire issued share capital of Bear Group, the Company’s real money operating subsidiary, to River Game Operations Limited and grant River Technologies Limited also a River Group Company a sole perpetual licence to the Group’s real money gaming platform, as well as sell its residual 30% stake in River UK Casino Limited to River iGaming.

The cash consideration for these transactions will total £11.5 million, which will include the settlement of the contracted deferred consideration of £4.2 million owed by River UK Casino to the Group due in October 2020.