PartyGaming and Bwin plan merger

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PartyGaming PLC plans to unite with Austrian-based sportsbook Bwin.

Jim Ryan, CEO of Party Gaming:

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.


Financial details of the planned merger were reported by the Wall Street Journal.

 

The new company will be owned 48.36% and 51.64% by PartyGaming and Bwin shareholders respectively and will be listed on the London Stock Exchange.


While both publicly traded companies are financially secure, Bwin (SBR rating C-) has maintained a lower rating due to its handling of sportsbook complaints. | View full PartyGaming, Bwin merger report

 


Norbert Teufelberger, Co-CEO of Bwin:

“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 online gaming industry.”


Recent Bwin news:
Bwin account closure complaints
Bwin closes two accounts citing security reasons
Bwin cancels live tennis wager citing input error

Recent PartyGaming news:
Gamerbooks, member of the PartyGaming family, sportsbook complaint.
PartyBets joins sister site Gamebookers in the SBR rating guide at B-
 

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