Online operators BwinParty have agreed to sell their Ongame poker network to providers Amaya Gaming for a potential sum of €25m.
The deal consists of an initial consideration of €15m payable on completion of the deal, which should take place during Q4 2012.
Additional payments of up to €10m will be triggered if regulated online gaming becomes available in the US within the next five years, with the exact amount dependant on the number of states which regulate and the total population covered by the regulation.
A previous agreement between BwinParty and Shuffle Master for the sale of Ongame was terminated by the providers due to poor business conditions in Europe.
BwinParty co-CEOs Jim Ryan and Norbert Teufelberger said of the Amaya deal: “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, added: “The Ongame platform is scalable, proven and secure and is well-suited for quick deployment in new regulated markets. We’re excited about the wide range of opportunities this acquisition makes possible for us as we execute on our vision.” |
