09Apr
PartyGaming and Bwin Networks Agree to a Merger

There are times when mergers can be the best thing to happen to companies, especially in terms of pecuniary gain. This was no doubt what Partygaming and Bwin had in mind when they both agreed on a merger. They’ve had a lot of talks and discussions and whatever it is they do in the corporate world, but ultimately, they came to a decision that pleased both parties.

 

The New Network

If you’re wondering, PartyGaming is the owner of the poker site PartyPoker and Bwin is the owner of Ongame. The name for the new network they’ll be making is still largely unknown and really has yet to be decided, but that’s a minor concern in relation to the technical and legal stuff that those corporate types have to decide. Considering how long it took for them to reach an agreement, it sure came as a relief to know that they’ve finally pushed through. Just last month, bwin released a statement that their ‘talks’ with the English company ultimately did not come to an agreement.

A little later on, they clarified that statement, adding an all-important “yet” at the end, making a world of difference. Of course, the expected annual savings of €55 million through ‘synergies’ surely helped in their determination to push an agreement. The shareholder approval that’s currently pending has bwin at 51.64 percent and Partygaming with 48.36 percent. The market values of these two companies don’t differ much, with bwin at £1 billion and Partygaming at £1.05.  Furthermore, their share prices are skyrocketing, with people obviously seeing how beneficial such a merger would be. According to them, this merger would make them the “world’s largest online gaming business” and give them “key market leading positions in all key verticals including online poker”.

 

The Largest Online Gaming Business

How this merger will work out in the end is still unknown, but speculation is really quite positive and their expectations are rather high. Jim Ryan, the CEO of partygaming even said that this merger is a “transformational opportunity for both our companies to create the world’s largest listed online gaming business”. Indeed, he believes that the two companies together have the ‘winning formula to exploit the growing online gaming market. Of course, Jim Ryan did not fail to point out that all of this is supported by ‘a strong balance sheet, significant cashflow generation, and a highly experienced management team.

Bwin’s co-chief executive officer, Norbert Teufelberger, even said that this merger makes great strategic, operational, and financial sense.” These two men, who have expressed such positive sentiments about the merger, will be the co-ceo’s of the new company.

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