WPT Acquired by Online Gambling Giant PartyGaming
Published: Tuesday, August 25, 2009 Online-Casinos.com
PartyGaming stock moved down slightly to 269.50 pence after the online gaming and gambling group reportedly agreed to acquire the business and basically all of the assets of World Poker Tour Enterprises Inc. for a cash consideration of $12.3 million and an ongoing revenue share with the minimum payment of $3 million over the next three years.
The World Poker Tour TV show which is broadcast on Fox Sports in the U.S., along with online poker club, Club WPT.com.
Private investor Gamynia Limited earlier agreed to purchase the World Poker Tour for $9.075 million USD, along with a portion of future revenues, but in a statement World Poker Tour officials determined that the PartyGaming offer was "financially superior."
Gamynia was said to be partnered with Hardway Investments, an online gaming marketing firm on the initial offer. PartyGaming's ownership will provide the WPT with the opportunity to "return to online gaming." PartyGaming paid a $105 million fine in April to settle a dispute over the legality of its previous operations in the USA. It no longer operates it's business the States although it does run PartyPoker.com, populate poker site. In late July of this year PartyGaming, bought an 18 % stake in the online gambling tech firm Cashcade for about $25 million from Independent News & Media.
Peerless Media Limited, a subsidiary of PartyGaming, are to be the new owners of WPT with ElectraWorks Ltd as the guarantor.
CEO and president of WPT, Steve Lipscomb, said in a statement, "The Board of Directors has determined that PartyGaming's acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming," Lipscomb added, "PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future,"
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