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(AGICOSINTERNATIONAL) - 30 July 2010 - GAMING: BWIN AND PARYGAMING CONFIRM MERGER |
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Bwin expands its business. After the acquisition of Gioco Digitale in 2009, the Austrian company revealed yesterday that it had signed a merger agreement with PartyGaming. The new merged-company will be 51,6% owned by Vienna-based Bwin with PartyGaming holding the remaining 48,4%, Agicos reported. The merger will be completed in the first quarter of 2011. "The deal is a transformational opportunity for both companies to create the world's largest online gaming business", said PartyGaming Chief Executive Jim Ryan following the announcement. "With market-leading positions in poker, sports betting, casino and games (in particular bingo), the new 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". Bwin Co-Chief Executive Officer Norbert Teufelberger added: "the merger made 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". agicosinternational - 22/07/2010 - cc | |
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