PartyGaming are fulfilling their promises of acquiring yet another company, subsequent to their takeover of Cashcade back in July. PartyGaming are set to buy substantially all of the operating assets of World Poker Tour Enterprises Inc., with exception to the cash, investments and certain excluded assets.
It will then be essentially owned by PartyGaming, though the purchase is to be made by Peerless Media Ltd., who are part of ElectraWorks Ltd., who are in turn owned by PartyGaming.
The price to be paid is $12.3 million - a snip for a company that was once valued at around $500 million and the deal should complete in the latter stages of the year, subject to formal shareholder approval.
If the US’s anti-gambling law UIGEA were to be overturned, as the industry hopes it will be, PartyGaming would then be in the strongest position of all the European online gambling providers to compete in the American online poker market, alongside the likes of Full Tilt Poker and PokerStars.
Tags: partygaming, world poker tour
This entry was written by Nena on Friday, August 28th, 2009 at 1:44 am and is filed under News.
