July 20 - In a recent interview, the head of 888.com, Gigi Levy said the fact that the group has not reached a settlement deal with the US authorities over its online gambling activities in the United States pre-UIGEA, has not stopped 888's consolidation activities.
Levy was commenting on the fact that 888.com will not be buying Cashcade, one of its largest licensees, that is currently up for sale.
There have been speculations that 888 was stepping down from negotiations to buy the company because it has not been able to raise the necessary funds due to the lack of US settlement.
However, Levy was adamant that this was not the case. "Definitely not," he said, when asked whether the company's failure to settle with the Department of Justice had anything to do with the group's consolidation activity.
"We had bank financing for the acquisition, we just didn't want to pay the price they were asking for," he said. "888 is interested in Cashcade but there are other companies that are more interested in it and are willing to pay more for it."
888 was seen as the natural group to take over Cashcade, considering their long history. Cashcade, which is considered one of the UK's top bingo sites, runs the hugely popular Foxy Bingo and has been involved in bidding activities for the past three months.
A number of companies have come forward to express their interest in purchasing Cashcade, which comes with a price tag of around GBP 80 million.
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