Bwin.party Sells Ongame Network to Canadian Firm Amaya Gaming

Published Monday, October 01, 2012 - Online-Casinos.com

Bwin.party digital entertainment announced recently it has sold its Ongame Poker Network to Canadian gaming solutions provider Amaya Gaming Group for an estimated €25.0 million on a cash-free and debt-free basis. Details included an initial consideration of €15.0 million payable in cash on completion expected during the fourth quarter of 2012. Additional payments of up to €10.0 million, will become payable if there is regulated online gaming in the United States within the next five years. Completion is subject to the standard conditions for a transaction of this type, including regulatory approvals.

Ongame Network Ltd is one of the world’s largest business too business poker providers. The global network includes 25 of the industry’s strong brands that are owned by a total of 19 operators. Ongame also operates regional networks in France and Italy. The company offers both operators and their players a wide variety of cash games and tournaments.

Jim Ryan and Norbert Teufelberger, the two CEOs of bwin.party, commented on the sale of the network, “The sale of Ongame conforms to our strategy, especially as we move closer to launching our single, proprietary technology platform in the next few months. We believe Ongame will fit well into Amaya Gaming and has an excellent future ahead.”

Chief Executive Officer of Amaya Gaming, David Baazov, also commented on the acquisition,“The acquisition of Ongame bolsters Amaya Gaming’s product portfolio, transforming Amaya into a leading provider of gaming platforms. Amaya looks forward to unleashing Ongame’s technology to its full potential through the leveraging of our many B2B relationships and delivering new partners and players to the network. The Ongame platform is scalable, proven and secure and is well suited for quick deployment in new regulated markets. We’re excited about the wide range of opportunities this acquisition makes possible for us as we execute on our vision.”

Related news

Return to Latest News