1 October 2012
bwin.party digital entertainment plc
'bwin.party' or the 'Company')
Sale of Ongame to Amaya Gaming Group Inc. ('Amaya
Gaming')
Highlights:
-
Sale of Ongame, a leading B2B online poker network,
to Amaya Gaming for up to €25.0 million on a cash-free
and debt-free basis
-
Initial consideration of €15.0 million payable in
cash on completion expected during the fourth quarter of
2012
-
Additional payments of up to
€10.0 million, will become payable if
there is regulated online gaming in the United States
within the next five years
-
Completion is subject to the standard conditions
for a transaction of this type, including regulatory
approvals
bwin.party today announces that it has agreed to sell
Ongame, its business-to-business ('B2B') online poker
network, to Amaya Gaming Group Inc. ('Amaya Gaming') for a
total cash consideration of up to €25.0 million.
Contingent consideration will become payable by Amaya
Gaming if there is regulated online gaming in the United
States within five years of completion. The exact
amount of the contingent consideration will depend upon the
extent of the regulation based upon the number of states
that regulate and the total population covered.
The transaction is subject to the normal terms and
conditions for a transaction of this type as well as
certain regulatory approvals and is expected to complete
during the fourth quarter of 2012. The management of
Ongame will transfer with the business and the net sale
proceeds will be used by bwin.party for general corporate
purposes.
Information on Ongame
Ongame Network Ltd ('Ongame') is one of the world's largest
B2B poker providers. The global network includes 25 of the
e-gaming industry's strongest brands that are owned by a
total of 19 operators. Ongame also operates regional
networks in France and Italy. The company offers both
operators and their players a wide variety of cash games
and tournaments to choose from. Further information about
Ongame can be found at www.ongame.com.
Commenting on today's announcement, Jim Ryan and
Norbert Teufelberger, the 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.
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."
bwin.party was advised by McQueen Limited.
Contacts:
bwin.party digital entertainment
plc
Investors
Peter
Reynolds
+44 (0) 20 7337 0100
Media
John
Shepherd
+44 (0) 20 7337 0100
Notes for Editors
About bwin.party
bwin.party digital entertainment plc (LSE:
BPTY) is a global online gaming company, formed from the
merger of bwin Interactive Entertainment AG and PartyGaming
Plc on 31 March 2011. Incorporated, licensed and regulated
in Gibraltar, the Group also has licences in France, Italy,
Spain and Denmark. With offices in Europe, India, Israel
and the US, the Group generated total pro forma revenue of
€816.0m and pro forma Clean EBITDA of €199.3m in 2011.
bwin.party commands leading market positions in each of its
four key product verticals: online sports betting, poker,
casino and bingo with some of the world's biggest online
gaming brands including bwin, PartyPoker,
PartyCasinoand
Foxy
Bingo.The Group's scale, technology and
strong portfolio of games collectively differentiate its
customer offer from those of its competitors. bwin.party is
a constituent member of the FTSE 250 Index and the
FTSE4Good Index Series, which identifies companies that
meet globally recognised corporate responsibility
standards. For more information about bwin.party,
please click here.
About Amaya Gaming
Founded in 2004, Amaya Gaming Group Inc. is a
technology based gaming provider for the regulated gaming
industry. An expansive global organization, present in
North America, Latin America, Europe, Africa and Asia,
Amaya is an innovator in the gaming world. Headquartered in
Montreal, Canada, Amaya provides a host of services and
solutions that range from: online and mobile gaming casino
games and platforms, traditional and mobile lotteries,
networked electronic gaming systems, hospitality in-room
entertainment systems, management systems, content suites,
advisory and management services, and integrity monitoring
and auditing systems for the regulated gaming
markets.www.amayagaming.com
or www.amayaonline.com
.
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