Big Payday For OnGame Founders
Published: Sunday, December 25, 2005 Online-Casinos.com
BIG PAYDAY FOR ONGAME FOUNDERS
When the BetandWin/Ongame deal goes through, there will be Euros aplenty for these families
The Independent looked at the benefits that might accrue to the Ongame founders as a consequence of the Bet And Win takeover agreed this week.
Swedish entrepreneurs Oskar Hornell and Claes Lidell founded the online poker and casino software company in 1999 and will be the main beneficiaries.
Hornell and his father and two brothers, who sit on the firm's board, are set to make Euro 251 million in cash and shares from their 53 percent stake in Ongame if the deal goes ahead at the terms announced this week. Of that, 60 percent, or Euro 151million, will be paid out in cash.
Lidell stands to gain Euro 132 million from his 28 percent stake, including Euro 79 million in cash.
Bo Johnson, the former chairman, is set to pocket Euro 71 million in cash and shares from his 15 percent stake.
The remaining 4 percent is owned by staff and former staff.
Ongame's management, led by the chief executive Patrik Selin, is expected to stay on for at least another year. The deal makes Ongame's previous plans to float in London next year redundant.
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