After reporting that 888.com would not buy Cashcade, it seems that online gambling operator PartyGaming have gone ahead with a deal.

Cashcade is the parent company of Foxy and Get Minted; PartyGaming who has been involved in other acquisitions in recent months has reportedly paid £100million in the buyout. They apparently made a down payment of £75million with the other £25million subject to a performance review over the next two years.

The acquisition will relieve the struggling Independent News and Media publishers who are reportedly in debt and own approximately 20% of Cashcade as it stands.

Other shares were mostly owned by its staff and the directors of the company. Cashcade shareholders last year profited £12million on revenues of £45million.

PartyGaming has recently been rumoured to be interested in GigaMedia whilst it continues its expansion to protect itself from US legal disputes.