Media giant Liberty Corp. is buying a majority stake in online skill and gaming firm Fun Technologies.
The London-based and AIM-listed company provides private-label gaming systems and services to the likes of AOL, MSN and Virgin. FUN’s skill-gaming subsidiary, SkillJam, offers games and tournaments to over nine million registered users, said the company.
The complex deal: Liberty will pay about $144 million as well as 32.4 million common shares of a new company created for the deal. Liberty will also make a $50 million investment in FUN, which will bolster the company’s balance sheet.
FT: Fun, which is listed in Toronto and on Aim in London, specialises in online versions of skill games such as solitaire, chess and sudoku. While the legality of sports and casino internet betting is unclear in the US, Fun’s portfolio of skill-based games means it can operate there without fear of legal action.
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