Aug
2nd

PartyGaming and Bwin Announce Merger

There have been many rumors circulating over the past few months of a merger between PartyGaming and Bwin and it has now, at long last, been officially announced that the UK’s PartyGaming and its biggest rival, the Austrian-based Bwin will be merging. In fact, a merger implementation agreement was signed on 29th July 2010 between Bwin Interactive Entertainment AG and PartyGaming PLC.

The agreement gives PartyGaming 48.4% ownership in the new company compared to 51.6% for Bwin and will result in the creation of the world’s largest listed online gaming company which will be the market leader in online poker, casino, bingo and sports betting.

The new company will be listed on the London Stock Exchange and is presumed to be worth $3.1 billion at current market prices. It will be incorporated in Gibraltar and predicted to form in the first quarter of 2011.

Jim Ryan of PartyGaming and Norbert Teufelberger of Bwin will be the Co-CEO’s of the new company and senior managers from both companies will hold key management positions. Joachim Baca will act as Chief Operating Officer and Martin Weigold will be the Group Finance Director.

The current Co-Chief Executive of Bwin, Norbert Teufelberger stated that “This business combination makes great strategic, operational and financial sense. We will be in pole position to capitalize on the wealth of opportunities that will flow from the continued evolution and expansion of the global online gaming industry.”

The present Chief Executive of PartyGaming, Jim Ryan stated that the merger would result in a strong balance sheet, a highly experienced management team and a significant cash flow generation.

Related Posts

Tags: , ,

One Response to “PartyGaming and Bwin Announce Merger”

  1. Best Bingo Articles says:
    August 9, 2010 at 5:32 am

    This is a great blog post. . It’s really nice and
    informative post. Thanks so much.

Leave a Reply