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PHILWEB ACQUISITION: P730 MILLION
- By The Financial District
- Mar 10, 2021
- 1 min read
Listed PhilWeb Corporation has acquired 16 eBingo outlets and 2 electronic bingo or eBingo machine suppliers from the Palmary Group for P730 million.
PhilWeb executed deeds of sale for the acquisition of 100% of the total issued capital stocks of 16 eBingo companies for P450million and 2 accredited e-bingo machine supplier companies for P280 million.
With PhilWeb’s growing electronic games business, it now has an expanding, two-fold footprint in the whole electronic gaming sector. This company is a Philippine Amusement and Gaming Corporation (PAGCOR)-accredited gaming service provider to a network of 85 eGames outlets.
The acquisition of the 2 accredited eBingo machine supplier companies allows PhilWeb to expand its portfolio of gaming services into eBingo outlets. At present, the 2 companies are accredited suppliers to 64 eBingo outlets across the country.
The company has a wholly-owned subsidiary, BigGame Inc which directly operates 31 PAGCOR licensed eGames outlets. It has another wholly-owned subsidiary, Easy eBingo, Inc., which has PAGCOR Gaming Licenses for eBingo outlets. Following this acquisition, PhilWeb now operates 22 eBingo outlets.
The 16 eBingo outlets acquired by PhilWeb generated a combined approximate Gross Gaming Revenue of P1,197,300,000 in 2019 while the 2 accredited eBingo machine supplier companies generated a combined estimated Gross Gaming Revenue of P364,900,000 in 2019.
