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PartyGaming and Bwin Merger Planned for 2011
A proposed merger has been announced between online gaming giants PartyGaming and bwin.
Following various informal reports concerning an alliance between PartyGaming and bwin, an announcement has been officially released regarding a proposed merger between the two companies.
This proposed merger is expected to produce the world's largest listed online gaming enterprise at a combined net value of an estimated £2.59 billion. This is of course an exciting prospect especially as each of these companies is already a big name in the online gaming field that includes sports betting, poker, casino and bingo.
The merger statement appeared to inspire excitement on the stock market with both PartyGaming and bwin showing significant increases following the announcement. The new group will be listed on the London stock exchange and the ownership will be divided to about 48.36% to PartyGaming and 51.64 to bwin.
In an announcement regarding the proposed merger, Jim Ryan, Chief Executive Officer at PartyGaming noted: "This is a transformational opportunity for both our companies to create the world's largest listed online gaming business. With market-leading positions in poker, sports betting, casino and games (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 cashflow generation and a highly experienced management team.."
In regards to the proposed merger, Norbert Teufelberger, Co-Chief Executive Officer of bwin commented: "This merger of equals 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 gaming industry."
The proposed merger is due to be finalized in early 2011 and the future looks exciting for online gamers at PartyGaming and bwin.
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