Intertain Group to adopt Jackpotjoy as corporate name under reorganization

TORONTO – The Intertain Group (TSX:IT) will become a subsidiary of Jackpotjoy PLC under a previously announced corporate reorganization that will move the Toronto-based company’s stock listing and corporate headquarters to London.

The online bingo company tentatively announced the transatlantic move in March and reaffirmed the plan in July, saying the move made sense even with the U.K.’s unexpected vote to leave the European Union.

The new corporate identity, Jackpotjoy, comes from a part of the Intertain business that it purchased in April 2015 from the Gamesys group.

Intertain also announced Tuesday that Gamesys and its affiliates have signed revised non-compete agreements, which will be extended by two years to April 2019.

Gamesys and Intertain have also extended their operating agreement by five years to April 2030 and a content licensing agreement to April 2040.

The new Jackpotjoy PLC expects to generate the majority of its revenue in the U.K., where it had a 27-per-cent share of the online bingo market in 2015.

As previously announced, Intertain is proposing that its shareholders exchange their Toronto-listed shares for Jackpotjoy’s London-listed shares on a one-for-one basis.

Based on the recent value of Intertain’s stock, the company has a market value of roughly $795 million to $850 million.