..

Bwin, PartyGaming Looking to Merge

Written by:
C Costigan
Published on:
Jul/29/2010
Bwin, PartyGaming Merger

Austrian sports betting firm Bwin and the world’s 4th largest online poker company, PartyGaming, witnessed their shares jump Thursday morning following news that the two companies may finally merge following months of speculation.

At 1209 GMT, shares in PartyGaming, the world's biggest listed online gaming group by market capitalization, rose 51 pence, or 19.9%, to 308 pence, valuing the company at GBP1.26 billion.

Bwin shares were up EUR8.88, or 24.9%, at EUR44.51, valuing the company at EUR1.58 billion.

The long-expected deal, which will result in a merged entity owned 48.36% and 51.64% by PartyGaming and Bwin shareholders respectively, will create the world's largest listed online gambling business.

Jim Ryan, Chief Executive of PartyGaming and Norbert Teufelberger, Co-CEO of Bwin, will jointly run the merged group as co-chief executives. Teufelberger said his Co-CEO at Bwin, Manfred Bodner, is to leave his position and become a non-executive director.

Commenting on the Proposed Merger, Jim Ryan, Chief Executive Officer of PartyGaming said:

“This is a transformational opportunity for both our companies to create the world’s largest listed online gaming business. With market-leading positions in poker, sports betting, casino and games (in particular bingo), the Enlarged Group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cashflow generation and a highly experienced management team.”

Commenting on the Proposed Merger, Norbert Teufelberger, Co-Chief Executive Officer of bwin said:

“This merger of equals makes great strategic, operational and financial sense.  We will be in pole position to capitalise on the wealth of opportunities that will flow from the continued evolution and expansion of the global online gaming industry.

Christopher Costigan, Gambling911.com Publisher

Business/Financial News

What is the Ideal Block Size and Fee Cost?

What is the Ideal Block Size and Fee Cost?

Markets are better at deciding what block sizes and fee costs should be.  Leave it up to the miners and users, not development committees.

Rest in Peace Bitcoin?  Not Quite

Rest in Peace Bitcoin? Not Quite

Bitcoin ain't dead yet, nowhere near. Bitcoin is currently sitting at a $115 Billion market cap with each Bitcoin currently being worth $6,728.33.  The last time we saw a price point similar to this level was in early February, just 4 months ago. During that same month Bitcoin bounced back to over $11,000.

Inside the Cryptocurrency Revolution

Inside the Cryptocurrency Revolution

Vice News on HBO is set to premier a segment on the "Cryptocurrency Revolution", more specifically detailing Genesis Mining. 

Bitcoin Blockchain Acceptance Updates

Use of cryptocurrencies can be done anonymously.  Companies like JazzSports are leading the way by promoting anonymous accounts that only require a valid email account.  Payments are through a virtual wallet using the blockchain.  This means it no longer matters where the actual customer physically resides.

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

Bitcoin Purported Founder Craig Wright Says His BTC Fortune May Remain Locked

The man who claims to have invented Bitcoin and was ordered by a judge to surrender approximately $3 billion of his Bitcoin holdings says he can't, at least not any time soon.

Syndicate