bwin.party Sells Ongame Poker Network For Up To €25 MillionAmaya Gaming Makes €25 Million Deal With bwin.party In Purchase Of Ongame Poker Network |
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bwin.party today announced that it has sold Ongame, its business-to-business online poker network, to the Canadian head-quartered Amaya Gaming Group for a total of €25 million.
On completion of the deal, which is expected in the fourth quarter of this year, €15 million will exchange hands, and then additional payments of up to €10 million will follow depending on the extent of the regulation of online gaming in America over the next five years.
The contingent consideration total will be based upon the number of states that regulate and the total population covered, if this happens within the timeframe given.
This summer, Shuffle Master pulled out of a deal to buy the network for up to €29.5 million.
bwin.party is set to use the net sale proceeds for general corporate purposes and the management of the network will transfer with the business.
Jim Ryan and Norbert Teufelberger, Co-CEOs of bwin.party, said, “The sale of Ongame conforms to our strategy, especially as we move closer to launching our single, proprietary technology platform in the next few months. We believe Ongame will fit well into Amaya Gaming and has an excellent future ahead.”
David Baazov, Chief Executive Officer of Amaya Gaming, said, “The acquisition of Ongame bolsters Amaya Gaming’s product portfolio, transforming Amaya into a leading provider of gaming platforms. Amaya looks forward to unleashing Ongame’s technology to its full potential through the leveraging of our many B2B relationships and delivering new partners and players to the network…"
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