PartyGaming buys rival

PARTYGAMING yesterday confirmed that it has clinched a &pound;100m deal for the owner of bingo website, Cashcade.<br /><br />Partygaming is believed to be paying &pound;75m upfront for Cashcade, with &pound;25m to be paid at a later date depending on the group&rsquo;s performance this year and in 2010.<br /><br />In April Partygaming reached an agreement with US Department of Justice over its activities in the US prior to the industry being effectively outlawed by legislation in 2006.<br /><br />Chief executive Jim Ryan said that&nbsp; the company regarded the settlement as paving the way for it to drive consolidation. Cashcade is believed to be the first of many M&amp;A deals.<br /><br />The &pound;100m sale is a well-timed windfall for embattled newspaper publisher Independent News &amp; Media which owns a 20 per cent stake in Cashcade and needs cash.