PartyGaming near £100 million deal

Sun Jul 19, 2009 9:32pm BST

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LONDON (Reuters) - Online gaming group PartyGaming (PRTY.L) is close to announcing a 100 million-pound deal to buy Cashcade, owner of the foxybingo.com Web site, a source familiar with the matter said on Sunday.

The source, confirming a story in the Sunday Times, said PartyGaming was likely to pay an initial sum of around 75 million pounds followed by a further 25 million depending on the performance of Cashcade in 2009 and 2010.

PartyGaming declined to comment.

The deal would be a boost for indebted newspaper publisher Independent News & Media (INME.I), which owns a near-20 percent stake in Cashcade and is looking to sell assets to raise money.

(Reporting by Mark Potter; Editing by David Cowell)

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