bwin.party To Sell Payment Processing BusinessReport Suggest Online Gaming Company Wants To Realise Value For Shareholders |
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A weekend news report in UK broadsheet The Telegraph says PartyPoker owner bwin.party will float its payment processing business, CQR, on the stockmarket in order to realize value for shareholders.
CQR is believed to handle around US$2 billion in payment transactions per year for the likes of PartyPoker and Foxy Bingo and it also recently won an external contract to provide processing for ticket payments for an Austrian rail company.
Analyst Daniel Stewart & Company said of the move, “Though difficult to estimate at this stage we estimate that on c€2bn of payment processing the business could generate c€20m of revenue, though BPTY [bwin.party] transaction fees (payment processing) in its accounts are in the order €40-€50m.”
It said the move could raise €77 million for shareholders while the Ongame network, already being readied for sale, could raise up to €30 million.
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