Party Bingo owned by Party Gaming has gone shopping and has come back with Foxy Bingo, owned by Cashcade. It splashed out almost 96 million pounds on the plastic on its first shopping bonanza since a settlement with the US authorities about accepting bets from US citizens previously. It's the online gambling company's first deal since its settlement with authorities in the U.S. over its defunct operations there.

Cashcade is owned by Independent News & Media PLC, who have got lots of loans and credit cards to pay off themselves- hence the fire sale.

The sites they are buying include Foxy Bingo, Think Bingo, Bingo Scotland, Getminted.com and Foxy Flutter.

888 and Paddy Power were also in the running.

PartyGaming shares have certainly been enjoying a party recently- they stood at 234 pence yesterday, valuing the company at almost a billion pounds. The shares have risen 20% since the beginning of 2009.