UK-listed online bingo/casino operator Jackpotjoy has struck a £490m deal to acquire local rival Gamesys in the second major deal involving the parties.

On Thursday, Jackpotjoy Group PLC (JPJ) announced that it had struck a nine-figure cash (£250m) and shares (£240m) deal to acquire Gamesys (Holding) Ltd. The ultimate plan is to combine the two companies’ operations into an enlarged entity that will operate under the banner of the Gamesys Group, which the parties believe will be large enough to enter the FTSE 250 index.

The deal will see JPJ acquire “brand licenses” for Virgin Games, Virgin Bingo, Monopoly Casino and Heart Bingo, but the deal expressly doesn’t involve Gamesys’ “sports brands and games,” so the recently launched VirginBet, the Livescore data and media division and certain non-bingo game studio products will continue to exist outside the JPJ fold.

Current Gamesys CEO Lee Fenton is being tapped as the enlarged group’s chief exec, while Gamesys COO Robeson Reeves will serve as COO of the new entity. JPJ exec chairman Neil Goulden and CFO Keith Laslop will maintain their current positions.