Full Tilt announce acquisition deal

ench business group have agreed to purchase troubled operators Full Tilt Poker.

Tilt have confirmed the signing of an exclusive agreement with Groupe Bernard Tapie, a deal that will see the European firm acquire Full Tilt and all of its associated assets.

A Tilt statement says the deal, which will include the repayment of its players, is “subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice”, adding that talks with the Department will begin immediately.

Bernard Tapie is a French businessman and politician best known for his ownership of sportswear brand Adidas in the early 1990s, as well as his presidency at French football club Marseille. His son Laurent is the group’s managing director.

Tilt had earlier released a statement criticising the Alderney Gambling Control Commission’s decision to revoke three of its operating licences when an acquisition deal had been so close to completion.

Here is the Full Tilt statement in full:

Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

Laurent Tapie, Managing Director of Groupe Bernard Tapie announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.

Groupe Bernard Tapie has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas.