Bwin and PartyGaming Come Together as One
The old saying go big or go home applies to all sorts of ventures but when it comes to online gambling you can take two already big operators and make them one giant betting group. Bwin and PartyGaming, who were rumoured for a long time to be having discussions on a merger deal have announced they will indeed come together as one. The new company will be headquartered in Gibraltar and will be listed on the London Stock Exchange.
Shareholders of both companies will vote to accept the deal or not in the coming weeks.
Bwin's co-founder and Chief Executive Officer Norbert Teufelberger, commented on the merger, "This business combination makes great 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."
The reasoning behind the mega merger is obvious PartyGaming needs a sports book to round out it's offering and bwin needs a better positioned online casino.
PartyGaming's Chief Executive Officer, Jim Ryan, spoke about his view on the deal,
"With market-leading positions in poker, sports betting, casino and games and in particular bingo, the enlarged group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cash flow generation and a highly experienced management team."
Bwin the Austrian sports-book and poker room is well respected and successful as well as PartyGaming the operators of PartyPoker, will now be able to provide customers with more variety and options in the sports betting segment.
The stock holders of both firms are sure to see the immense benefits from the merger knowing their investment dollars are even more secure with a more diverse portfolio. This is a merger of equal value as both companies are worth more than £1 billion. Shareholders of PartyGaming will own 48.4% of the shares of the new company, while shareholders of bwin will hold 51.6%.
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