Growing Like Topsy At Global Approach
Published: Friday, April 07, 2006 Online-Casinos.com
GROWING LIKE TOPSY AT GLOBAL APPROACH
Latest acquisitions follow the consolidation trend
The often difficult task of unravelling which operations belong to which operators was made more complex this week by affiliate notifications and press reports from Australia that suggested that Casino Action group may be about to merge or be acquired by Global Approach group in Australia.
Back in late 2004 the merged Nostalgia and Phoenician online casino group left the RTG software stable in favour of Microgaming and was assimilated into the Casino Action group owned by Tusk Investment Corporation, joining Golden Reef, Music Hall, Challenge, Aztec Riches, Aztec Riches Poker and Poker-Metro.
Last week, Australian business press reports revealed that successful local businessman Ken Talbot had increased his exposure to online gambling as a result of a A$19.37 million acquisition by listed Brisbane gaming group Global Approach.
Global agreed a deal to acquire Tusk Investment Corporation, a group established in 2001 which owns and operates a portfolio of online casinos and poker rooms that includes the Casino Action operations.
Tusk's major shareholders are Talbot's MDA Capital, which holds a 59 percent stake; James Canning-Ure, 19.5 percent; Brian Cooke 19.5 percent; and Anthony Say, with 2 percent.
The deal means Talbot's MDA Capital will increase its holding in Global from 20 percent currently to 48 percent, effectively taking a greater stake in the growing online gaming industry.
"The acquisition of Tusk will create one of Australia's premiere online gaming companies and take the number of Global's depositing casino players from 42,000 to 151,000," a Global spokesman said.
Australian gamblers are not allowed to utilise the Global service, therefore all the online gambling action emanates from offshore, notably the US, Asia, the UK and Europe.
Assuming Global shareholders approve the deal at a scheduled meeting on June 9, local director Don Nissen, a director of Talbot's Macarthur Coal firm, will join the Global board as a non-executive director, along with Brian Cooke.
After the acquisition, Global will own several familiar online casino brands and associated websites such as Golden Reef, Challenge Casino, Nostalgia Casino, Music Hall Casino and UK Casino Club. It will also hold online poker identities and attached websites like My Poker Profit, Beach Club Poker and Poker Metro.
